The FED cannot keep interest rates high for long for one simple reason.
It costs too much.
If they keep rates here for another 12 months, it will cost roughly $2 trillion in payments to finance the debt.
That is a big number, and a number that gets bigger and bigger the longer rates stay high.
(Source: https://twitter.com/BitcoinNewsCom/status/1784976262068347351/photo/1)
For some context the US was paying roughly $500 billion in interest payments before covid.
This can't last for very long or the money printer will have to start back up, which is why bitcoin is going up too.