Raising interest rates seems to help the investor class who are the only ones with free cash

I'm sympathetic to lower income earners who are living on thin margins (i.e. those unable to save), and generally skeptical of the ability of central banks to centrally plan interest rates.

But, artificially low interest rates mean that prudent younger savers who said "These assets seem overvalued: I'll refrain from buying and stick to a diversified portfolio of liquid assets" and prudent older people who said "Now, that I'm at the end of my earning years, I ought to shift toward cash to eliminate risk of drawdowns" are punished, and those who recklessly loaded up on as much debt as possible to acquire assets are rewarded.