Anything above 3.25% on the 10-year means a further market crash possibly Nasdaq down 50% so JPow and friends are just hoping inflation fades away before they have to make any hard choices. This economy is addicted to ZIRP and deflation. Inflation would expose the zombie companies to reality and ultimately collapse. Silicon Valley is full of these worthless companies who only know how to gain market share on negative unit profitably with a business plan to be bought out by the true monopolists.
Inflation will stay high maybe will go to double digits, Interest rates will stay deeply negative forever you don' want to be in cash - you will lose inflation adjust 70% in 5 years stocks will go higher in devalued dollars when it will be clear inflation is invincible and this country is based on endless money printing - we will never see inflation under 2% on yoy basis