The behavior of long-term nominal interest rates in the early 1980s can be contrasted with that of more recent years. Today the 10-year Treasury yield is approximately 4 percent, suggesting substantial confidence on the part of financial market practitioners that inflation will remain low for the next decade.
In 2018 central banks were troubled by low inflation and low growth, in 2020 it was all about COVID and its repercussions, whereas now our big concerns emanate from inflation, the Ukraine war, and monetary-fiscal interactions.