The Fed has several reasons to want interest rates a bit higher, but in regard to inflation, the mainstream view is that "a little" inflation is a good thing, since rising prices are conducive both to producing more and getting paid more.I disagree at to the effect of debt, but thank you for the response.
I would say that unlike individual debt, there is no risk of the government "dying" and thus, not repaying what is owed (mostly to taxpayers). We've carried a debt load since the 1840's, as have most western democracies. Debt could affect borrowing rates, but it hasn't since Obama. In fact, the only entity trying to raise rates is the Fed, and I'm not entirely clear why. It's not like we're going through a high inflationary period...
The inflation we saw in the 1970s and early 80s was initially because of oil and the price of oil being tied to politics and not markets. It was ended when Carter/Volker and then Reagan/Volker-Greenspan engineered a recession that resulted in 10% unemployment, and OPEC lost political power/interest. In 2008 oil prices went back up to $150 a barrel, but the Great Recession "cured" that.
Crude Oil Prices - 70 Year Historical Chart