For most of the present decade the average inflation rate has been around two percent. Nonetheless, housing and apartment rentals, and the fees for some services, including those of lawyers and accountants, are quoted in dollars. These are all fundamentally nontraded goods.
The main cause of high interest rates is high inflation, through the expected-inflation premium. Conversely, the best prospect for low interest rates is a stable environment of low inflation. In this context, the relatively high interest rates that may be necessary to achieve a desired disinflation represent “short-term pain for long-term gain”.