Real terms only work in the past. These are future predictions about interest rates staying high. They would need to be making estimates about future inflation

Real terms only work in the past. These are future predictions about interest rates staying high. They would need to be making estimates about future inflation then and if history is any indication the fed always gets it wrong. Remember, inflation has been extremely low during the period of low interest rates as well which they are referring to. If inflation stays high, even with high interest rates, that will make a big difference.