The wealthy will offset the high interest rates by raising prices and increasing unemployment:

“You know who is going to bear most of the pain of the Fed’s policy?” former U.S. Treasury Secretary Robert Reich asked in a video posted to social media on Wednesday. “Not powerful corporations that are ratcheting up prices to pad their profit margins. Not corporate executives, not Wall Street, not the wealthy, and not the upper middle class.”

“Most of the pain will be borne by lower-wage workers and the poor,” Reich continued.