Prices, in US Dollars, have more or less been stable. Some have risen a lot (e.g., medical, education). Some have gone down a lot (e.g., clothing). Overall though....stable-ish.
Some of this the fed controls, some of this they don't. They are not all powerful. For example, the share oil revolution has done a lot to reduce prices. Has nothing to do the the fed. China coming online as manufacturing powerhouse has also reduced prices. Again, fed has nothing to do with that.
"Real" means inflation adjusted in the economics and finance world.
Let's call it a "True" interest rate. Central banks directly influence the shorter end of the yield curve. They can influence the longer end only indirectly.
"* In a rising interest rate environment, all bond purchases will prove unwise, since the investor could have earned a higher rate by waiting a bit longer.
* In a falling interest rate environment, all bond selling (issuance) will prove unwise, because the issuer could have paid a lower rate by waiting a bit longer."
Not quite. Bond prices incorporate future expectations of real rates and inflation rates and then also associated risk premiums. Thus, a bond purchase will lose money only if realized rates come in higher than what is already discounted. That is, it is possible for short term rates to rise, and yet a bond increases in value (i.e., because the ST rates came in lower than what was already assumed in the bond).
Regarding business debt ---- > It is usually floating rate and has a shorter term. You will have to roll the debt more often as you refinance. Thus, you will pay the higher inflation costs. And if inflation costs are unpredictable, then lenders will require a higher risk premium on the inflation piece.
"but more than a 10th of the population is in their working years but not working."
Fed has very limited set of things they control. They don't do fiscal or policy.