What other factors does Williams note contributed to the inflation experienced in the U.S. in 2020 and 2021?

Expected real interest rate: In the last two decades, we have been able to observe a real interest rate, at least in the US, using inflation-protected treasury bonds (OTCPK:TIPS).

"Higher real rates may also reflect the possibility that inflation could be more volatile going forward than in the inter-crisis period of the 2010s," when the federal funds rate topped out at 2.5 ...

A generation of savers has lost money in real terms due to the combined impact of high inflation and low rates of interest. For every £1 put in savings in 2020, the average saver would have just £0.89 ...

They see real gross domestic product (GDP) growing 1.7% as of the end of 2025, down from a 2.1% estimate, while the unemployment rate was projected to be 4.4% in December — up from 4.3% in the ...

The average 30-year fixed mortgage interest rate is 6.88% today, a decrease of -0.03% since one week ago. The average rate for a 15-year fixed mortgage is 6.11%, which is an increase of 0.01% ...

The BOJ ended a decade-long, massive stimulus programme last year and in January raised short-term interest rates to 0.5% on the view Japan was on the cusp of durably meeting its 2% inflation target.