It might be different in America because they only have I think 10% of the government debt in the form of Index Linked Gilts, but in the United Kingdom it is 25% There are two other reasons why they will want to keep interest rates low, the first is to stimulate economic growth and the second is to keep the government debt repayments low.
answer: it will strengthen the dollar making things nominally less expensive. What citizens have to pay attention to is whether their income change exceeds inflation (the inflation that counts for them), keeps up with it, or lags.