And, in 1994 the Treasury was not flooding the econmy with trillions of dollars.
The FED needs to fight that inflation by pulling those trillions out of the system. If more gets shoved in, the rates - or duration of 'high' interest rates - have to go up/on.
BTW, only folks spoiled with post-2008 interest rates can really consider a FED rate of 4.5% 'high'. That is a NORMAL FED rate. Yowser
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