In the United States, 10-year Treasury note yields were below 5 per cent over several years, which stands out compared with the history of the preceding few decades. Furthermore, it is historically unusual for these rates to have been low and pretty steady at a time when the Fed is raising short-term rates.
Looking back on the year, with global consumer price inflation well above inflation targets and the subsequent response of sharp policy rate hikes by the Bank, we are well aware of the unignorable costs that the general public has been bearing throughout.