This analysis frames the problem as though it’s concurrent with current inflation rates. The problem goes back for much longer though. Interest rates hav been

This analysis frames the problem as though it’s concurrent with current inflation rates. The problem goes back for much longer though. Interest rates hav been near zero since the Great Recession, and for most of that period, inflation was also below 2% almost the entire time. Add to that a lot of the year over year inflation we are experiencing is due to base effects eg the collapse of oil prices last year. Current oil prices are hardly elevated from their historical norms.