Low interest rates reduce borrowing cost. While it&#x27;s debatable whether that&#x27;s a wealth transfer, if it is, the transfer is from holders of capital (generally, though not always, lenders) to borrowers.<p>Those with assets - that is, lenders - would generally prefer a higher [risk-free rate](<a href="https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Risk-free_interest_rate#Proxies_for_the_Risk-free_Rate" rel="nofollow">https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Risk-free_interest_rate#Proxie...</a>), not a lower one.w