.25% means inflation set to rip, page-16

Can I please ask, why people with term deposits will do well if interest rates go up?
I mean, is this stupid, but if interest rates are up, surely inflation is up?
Thus their $1,000,000 dollars in cash is worth several percent less eg 70,000 less at inflation = 7%.
So really all that happens is their nest egg is paid out faster.....and taxed more.
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Conversely, those with mortgages, experience high repayment rates, OK this is painful because you MUST pay it, but the size of the loan effectively is smaller each year in an inflationary world.
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That's how I see it. Please feel free to attack me. I delight in it.