Fed doesn't have much room to play with interest rates currently, and won't until we see a meaningful pickup in productivity, or else they risk further depressing investment into productive assets and rerouting it into speculative assets (high interest rate = high cost of borrowing/lending = high friction = slows economy down).

We would observe a productivity increase through wage growth, as would be expected in a high employment environment (high demand for labor, low supply sets price of labor [wages] high) but I don't see anything from my viewpoint within the embedded and IoT industry that will meaningfully increase productivity in the near future. So more of the same we are experiencing now

Unless you see some new tech that will improve productivity, in which case please do share!