You are using backwards-looking inflation figures and comparing against forward yields. If you believe that the Feb 2024 price level will be 6.5% inflated compa

You are using backwards-looking inflation figures and comparing against forward yields. If you believe that the Feb 2024 price level will be 6.5% inflated compared to Feb 2023, then please go ahead and take that 4.5% loan. The rest of the market believes that inflation will continue to fall and infinite money has ended. Basically, if you borrow at 4.5% today with the assumption that it is effectively a negative real rate, you will be pretty disappointed in a year.