I spent 20 years as an Institutional Bond Broker and Bond Portfolio Manager. I was the Asset/Liability Manager for the 4th largest S&L [before the S&L crisis].
It seems to me that interest rates are way too low to get money to Main St. Lending institutions can’t afford to make risk loans and a great many people have few if any assets to pledge against loans. Interest can be written off as a cost of doing business and, as a former homeowner, I loved being able to write my mortgage interest off on my taxes because it allowed me to write off other things as well. Getting over that hurdle to be able to write off certain expenses is a great bonus! Also, higher interest rates put money in the pockets of savers and retirees — many of which use it as income and spend it in the local community.
The low interest rates have benefited the stock market, but that really doesn’t help Main St. If people don’t have enough money to buy Christmas gifts, they really don’t have enough money to buy stock. It amazes me when I see pundits wondering why the ‘retail investor’ is out of the stock market! Heck, they don’t have any money to put into the stock market.