By holding interest rates so low, the Fed has created a double-bind: despite the systemic risks (which are very high) people who have investable cash have two options: the stock market or paying down debt.

The stock market is being "invested" in not because it is a good investment at this point (it isn't) but because there is no where else to go. If interest rates ever revert to anything normal, it will get crushed. In the meantime this means that large, multinational companies are flush and are able to destroy smaller, more local competition. This trend is aided by the lockdowns, as well as the fact that large companies have access to the extremely low interest rates, but smaller players do not. You will continue to pay usurious rates on credit cards and most small business loans, while Global Corp. can issue corporate debt as very low rates.

Paying down debt is the opposite of what the Fed wants: in our system debt is the true money supply, so when debt is extinguished the money supply contracts. You can see this clearly in 2008:

https://fred.stlouisfed.org/series/TCMDO

Steve Keen outlines our best hope, a modern debt jubilee, here:

http://www.profstevekeen.com/modern-debt-jubilee/