This is probably the tip of the iceberg of the bad businesses/investments that have been propped up by zero percent interest rates for the past decade. When th

This is probably the tip of the iceberg of the bad businesses/investments that have been propped up by zero percent interest rates for the past decade. When the tide recedes and all those investments pop, that should cause a major recession in the US and rest of the world. A positive feedback loop will also exist, though, where due to the recession and belt-tightening, companies will defect on RTO plans and seek to get out of leases and office spaces, further intensifying the commercial real estate crash. The Fed has definitely slammed on the brakes and will continue to do so until they create a recession and push unemployment significantly higher. We're still in a situation where nothing fundamental has changed about the US economy and if rates were dropped then inflation would surge again. And the only way that keeping rates higher doesn't break the US economy is if you believe that a decade of ZIRP didn't lead to a lot of bad investments that are funded by kick-the-can-down-the-road cheap money refinancing.