Given that rates are historically low and practically zero, they have literally nothing BUT opportunity to raise them, significantly or otherwise.
How so?
One of the 'controls' used to keep inflation at manageable levels is variance of lending rates.
Once the citizenry has taken on too much personal debt, the ability to raise lending rates has to be used very carefully ( or not at all ) as it would lead to massive defaulting on debt, bank failures and recession.
As in 2008.
We realized, then, that unrealistic debt levels were a problem, and stricter controls over borrowing were solutions, yet in my area, home ownership has become impossible or young pople, due to house prices doubling in the past two years ( over 1/2 Million is entry level ). Scarcity of rental property ownership has resulted in skyrocketing rents, and increased homelessness
Have we already forgotten ?