If high-return investment pushes interest rates higher economy-wide, increased borrowing competes with government, corporate, consumer, and mortgage borrowing and raises borrowing costs for others.

“And if it does that for the entire economy and people are borrowing more and more money, they're competing against the other lending that the government would have done or the other companies would have done or that you as a consumer or a mortgage buyer would have done,”

“then that's just making it basically more expensive for everybody else to borrow.”