> I believe the FED is trying to restore interest rates to historical norms for these conditions. <
Maybe the Fed is part of some conspiracy to hurt Trump. Anything is possible from the Deep State these days. But I think you’re right. It’s just a return to normal.
Higher, normal rates will definitely hurt some people. But on the other hand, many older folks have been crushed by the crazy-low rates on their CDs.
Several years ago when I still had a mortgage on my home , it was about 8-1/2 % as I recall. Well, I finally paid it off a little early when I started drawing S.S. because I knew I wouldn’t have enough to make payments then. Well, now interest is so low on my savings that I’m losing again. I got robbed twice. Actually, I got robbed 3 times counting the last few years that I worked.