Because there’s a bigger shift in wealth now to people in the top 2-5%

what financial instruments?

Increasing rates is their attempts to bring inflation back to normal, since cheap money is cheap for _everyone_, including all Americans that were eager to get a low monthly payment on cars/houses (as I’ve alluded to), not just for existing collateral but for new homes/cars, thus increasing total demand - and that demand leading to price increases across the board.

Yeah, I assume the 2-3% rates is referring to mortgage rates, which isn’t directly caused by the fed but was certainly influenced by the fed setting short-term rates at 0.