Instruction:
What are the pros and cons of high interest rates?

Response:
Rising interest rates are an advantage for savers who deposit money. Banks pay savers a higher return on their savings accounts. High interest rates also dampen high inflation as they make borrowing more expensive. This reduces the demand and can lead to falling prices. 
On the other hand, high interest rates make things like financing a house more difficult. Furthermore, the decreased demand can reduce economic growth.