I think, printing more money under the same conditions is the primary inflation/devalue, while the federal interest rate determines the baseline for loan interest rates. If the federal rate of return is high, it makes no sense for anyone to buy loans for a lower rate as the US gov has a longer upstanding record of paying back those debts/returns. If the fed is paying a high baseline rate, so is everyone else. Why would a bank or anyone buy your debt if they can put that money in government bonds and get a higher or the same rate of return. So money is expensive because the federal rate is high. At least that is my most simple understanding.