If the Fed is losing control of long-term and now short-term interest rates, that means that many businesses and investments that have been relying on low-interest rate loans for the past 15+ years may go out of business or lose money. It will cause a domino effect, “right across the credit spectrum,” as fewer people/businesses qualify for loans and have to sell their assets. The housing market is at historic highs while interest rates are near historic lows.