Especially those sitting on huge piles of cash like oh, say Google, Microsoft, Amazon, Apple ...
One thing people tend to not understand is that some commodities become relatively cheaper in a high inflationary and high interest rate market.
We saw in the 1970’s that higher interest rates did not reduce inflation, contrary to common discussions of raising interest rates to fight inflation.
What we saw were housing and other hard investments became cheaper, so when inflation subsided those with money had made out like bandits. I learned that people with money make out in recession and inflationary periods.
Mortgage rates have already risen.