I agree.  My prediction:

We have had 70 years more or less of global peace.  Peace is good for business, good for globalization, and stability calls for low interest rates - low risk.  As America seems to be stepping back from paying the world’s bill for freedom of the seas and requiring good behavior, turmoil will ensue and that risk will increase and those with weaker hands will see their rates rise to reflect that risk.  What turmoil?  Japan is trying to overturn their pacifist constitution, small Arabian countries are casting their lot with Israel because they don’t like their neighbors, Britain has turned its back on Europe and Turkey is flexing its muscles.  Change will lead to instability for some of their neighbors.

Ultimately we have a demand-led economy.  The Boomers are past the child-bearing big spending years and most costs other than healthcare are deflationary, as John Phipps pointed out a decade ago on his blog.  They also have most of the wealth.

The Xers don’t have a big enough demographic presence to absorb the supply we can produce.  On top of which Falco pointed out for a long time that technology advances are pumping deflation into the world.

A decade later than the previous generations, Millennials are having kids and moving to the suburbs (thanks Covid).  Gen Z is maybe a freckle larger than the Millenials, or a freckle smaller - substantially the same size.  That means we have a built-in demand base that will create more scarcity than we have now, and thus inflation.  

Also, due to generational differences, broad Millennial and Gen Z values, and wealth inequality highest it’s been since the Gilded Age, over the next decade or two these emerging middle-aged generations are going to inherit wealth, and steadily vote for tax policies that redistribute Boomer and maybe the ultra-rich folks’ wealth by voting down some of the preferential tax treatment those groups have enjoyed for 4 decades.  And, as that wealth is passed down and redistributed, it will cycle through the economy, creating some additional inflation.

One man’s opinion.  Just like $8 corn, the interest rates have to bottom before they can start going up.