We set the policy rates and thus indirectly control 6/7  BIS central bankers' speeches  the interest rates in the economic cycle, that’s true, but long-term interest rates, in particular, are driven by other factors as well.
And they do not depend solely on inflation – or inflation expectations, to be precise – but also on the real interest rate, which is driven primarily by growth expectations. After all, it is ultimately enterprises and house builders, of course, that pay interest. And they can only do that if they are in a good economic position.