Every price includes an interest rate derivative, even if you pay with cash. If interest rates are high, then buying something has a higher opportunity cost si

Every price includes an interest rate derivative, even if you pay with cash. If interest rates are high, then buying something has a higher opportunity cost since you're forgoing earning interest on your capital. As patio11 put it in https://www.bitsaboutmoney.com/archive/banking-in-very-uncertain-times/ https://www.bitsaboutmoney.com/archive/banking-in-very-uncer..., "when interest rates rise, all asset prices must fall."