Low interest rates reduce borrowing cost. While it's debatable whether that's a wealth transfer, if it is, the transfer is from holders of capital (generally, t

Low interest rates reduce borrowing cost. While it's debatable whether that's a wealth transfer, if it is, the transfer is from holders of capital (generally, though not always, lenders) to borrowers. Those with assets - that is, lenders - would generally prefer a higher [risk-free rate](https://en.wikipedia.org/wiki/Risk-free_interest_rate#Proxies_for_the_Risk-free_Rate https://en.wikipedia.org/wiki/Risk-free_interest_rate#Proxie...), not a lower one.w