I subscribe to a different take on what has happened to interest rates the last 40 years. I think market driven rates have been going lower and the fed has just responded by lowering their rates.

With interest rates so low, money is poring into the stock market driving it up. This is helping the wealthy. But I also think the interest rate problem is caused by wealth inequality, with more invested money chasing fewer productive lending opportunities, and this is because more money is in the hands of savers and less in the hands of spenders.

I personally am hoping after the inflation rate comes back down we see larger net wage inflation than price inflation, returning money to the hands of the working class. (Of course, it would be tricky to push for this too much as a policy because we certainly do not want to cause a wage-inflation spiral. I don't think that is a given though. As they say, the best cure for high prices is high prices.)