It means that when there is an increase in borrowing cost, this will lead to paperhandsin the US market. People would need to draw out money from the stock market to payback loans. This leads to tanking in the stock market.
But since some see this as an opportunity to buy the dip this means there are some demands in the market. Therefore creating such a voilatile market of buying and selling.
Weakening Consumer Spending
What does weakening Consumer Spending means?
It means people like you and me are spending lesser in the market. People are going out lesser, eating out lesser, spending lesser on luxury goods. Focusing more of saving more than spending.
Why is this a bad thing despite is good for our wallet?
Well as the saying goes one man's spending is another man's earning. If I buy something from you, that means you are earning something from me.