Raising interest rates is what causes a recession. But if you don't lower two bad things eventually happen: large inflation and associated of purchasing power,

Raising interest rates is what causes a recession. But if you don't lower two bad things eventually happen: large inflation and associated of purchasing power, and debt keeps on ballooning. Regarding the second point, you always have to deleverage sooner or later. The current view is that sooner and smoothly is better than later and abruptly.