In the United States, we have a long history of sweeping policy changes ranging from revisions to the tax code to things like changes in healthcare coverage and environmental policies. While these policy changes can certainly affect the composition of industries, the connection to broader financial stability is far less clear.
For a given nominal interest rate, higher inflation expectations would lead to lower real rates and thus an easing of financing conditions. Generally speaking, higher inflation expectations, however, also translate into higher longer-term nominal interest rates. The net effect on the economically-relevant real rate is thus unclear. In December 2020, the Governing Council pledged to maintain favourable financing conditions.