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Interest rates are determined by the central bank of a country, such as the Federal Reserve in the United States. They use a variety of tools, including setting the federal funds rate, to control the supply of money and ultimately influence the interest rates that consumers and businesses pay on loans. Factors that can influence interest rate decisions include inflation, economic growth, and government debt.
The effects of interest rates are often not directly felt but play out over a long time as valuations of real-estate and other assets adjust.
At Horizon65, we created a mobile app that enabled you to check the effect of high interest rates on your savings and to simulate potential investments that can defend against it.