It's more complicated than that though. Alternative "assets" like crypto gained more credence when rates were low. Bond returns in such a regime were not attra

It's more complicated than that though. Alternative "assets" like crypto gained more credence when rates were low. Bond returns in such a regime were not attractive, equity markets rallied to elevated levels, and there was little incentive for debt issuers to use free cash to pay down debt that could be rolled out into perpetuity. The Fed essentially held the cost of money near zero and that had far-reaching effects.