eli5 Where does all the extra money from fed interest rate hikes go?

Question

Especially regarding mortgage rates- folks are paying huge increases in monthly payments.
I’m assuming “to the government” but does it just get held somewhere?

In: 67

Answer 1

You know in the movie 300 when king leonidis went to see the old pervs, gave them money and told them his lands are his.. they stole the money and slobberd on the hoe, that’s them. That’s where the money goes.