> Slow to react to inflation They were slow intentionally. A large subset of the population benefits from low interest rates. They were reluctant to give up t

> Slow to react to inflation They were slow intentionally. A large subset of the population benefits from low interest rates. They were reluctant to give up their free money they designed their lives around. If interest rates were ever to reflect reality long-term, probably ~50% of global wealth would be wiped out. If not for the majority of the population being leveraged on real estate - the ordinary person wouldn't really care. It's generally not fun when your largest position (your home) goes down ~50% of 5:1 leverage (the average home owner).