For monetary policy to work it requires rate sensitive borrowers. If borrowers don't care what rates are then it's not going to have much impact. US households

For monetary policy to work it requires rate sensitive borrowers. If borrowers don't care what rates are then it's not going to have much impact. US households have fixed mortgages so most don't care what interest rates are and the US government obviously doesn't give a damn what interest rates are and will continue borrowing regardless. Another thing to consider is that counter intuitively higher interest rates might be acting as a form of stimulus for many US households. If you've got a fixed mortgage and the government is now paying you for your savings your total disposable income might actually be increasing with rate hikes.