Is it possible that costs have been artificially low but now have corrected? For a couple of reasons:

1. Wages have gone up due to higher demand for workers
2. Some of the tariffs that Trump put in place have driven up cost
3. Higher demand for low inventory items
4. Sanctions on Russia

I don't see higher interest rates solving these problems. Sure it might drive down the price of houses and used cars. But day to day stuff won't be driven down by higher rates.

Everyone is comparing what we are going through to 1982. But it's much different. I remember a lot of people getting laid of in 1982.