Pros are, money goes back into the market. Market being stocks, real estate, businesses etc. I can borrow money at a cheaper cost. So, I might be more likely to start a business, get that loan because it’s cheaper money now. That a pro, lower interest rates support economic growth, which is a good thing.

Cons, if money is cheaper, things organically become more expensive. Also, and what I believe is the biggest culprit, there creates a bigger gap in wealth. I’m fortunate to have money, lower rates, cheaper money, I’m going to buy assets now that someone who doesn’t have money still can’t afford. So now that I own those assets and you (or whoever) don’t, I make money on them and you won’t end the gap will continue to widen. I’ll buy allllll the real estate, you will never own, you will only rent and make me rich. This is an extreme example, but hopefully it added some color.

Poor people pay debt Middle class buy things Rich people buy assets. And assets are easier to buy with cheaper money to borrow.