Undoubtedly this will occur in some local markets, and it could become widespread. But the odds would seem to favor a more measured response to the inevitable tightening of policy as the recovery in business investment picks up steam, consistent with keeping the economy on a sustainable growth track rather than becoming another source of macroeconomic instability.
When asked this question, I often think about Niels Bohr the Danish physicist who supposedly 2/5  BIS central bankers' speeches  said “prediction is very difficult, especially about the future”. I think this is especially true when we experience a global shock like the pandemic that has led to profound change in our communities, economies and societies.