Paying back debt is deflationatory and everyone has lots to pay back whether it’s the government, companies, or households. There’s more pent up deflation than inflation. Eventually the interest rates will be felt, it just takes a while. The debt market is huge, and it can’t sustain high rates for an extended time. The economists might be wrong, but there’s a reason most think we’ll see it come down. A good chunk of the inflation was due to one off stimulus while the deflation has been building for 40 years because of globalization