just to add on, lower interest rates are fantastic for everything as long as inflation isn't running away. It's why we had such a long period of low interest rates here with appropriate inflation. You want people to spend "future" money as cheaply as possibly and confidently so they can scale/grow the economic engine. When you have a much higher interest rate, for a long period of time, it's meant to be restrictive and force people to "de-leverage" their debt either by paying it off (because they can't refi when it comes due) or by not adding to the debt pile because it's unattractive to grow unless it's a slam dunk.
In the financial markets lower rates also help with the debt servicing requirement of the treasury as that rate will go down and the government will owe less in interest payments because of that. It's a big deal, they can also "refi" their current debt holdings at lower interest rates as they are lowered by the fed.
Eventually when rates return to something in the 3-4% range when we get back to the "new normal" in the next 18 months you'll see quite a bit of deleveraging and the national debt service will become substantially less of a burden. The US gov will also likely stop borrowing as aggressively because corporations themselves will borrow and hire to grow vs the government needing to borrow to subsidize etc.
The government took one on the chin and the American people are "on the hook" for it, but there's a way to gracefully deleverage with issuance of new debt at much lower interest rates paying off the principle of the old debt. There aren't that many long term bonds that are at the insanely high rate (10/15/20/25/30 year coupon treasuries).