> Also with higher interest rates, organizations with millions and billions of cash sitting idle can park their money in safe government-backed interest accounts to grow their balances risk-free instead of taking on risk assets seeking outsized returns.

Are interest rates alone really the right metric here?

I remember from basic econ classes that "interest rate 1%, inflation 0%, result happiness; interest 10%, inflation 20%, result misery".

Of course, interest rates and inflation are not independent, but I think the argument still holds?