Some views suggest that once the inflation rate falls back to the 2% target set by the central bank, the interest rates of major global economies will fall back to historical lows of "zero interest rates" or even "negative interest rates" in the past. However, the current pricing in the market has actually convinced the statement that major central bank interest rates will be "higher and longer". As shown in the figure below, some investment institutions expect the US federal funds rate to bottom out around 4% by 2025 and then start rising again. The pricing of interest rates for the European Central Bank is also similar, with an expected maximum rate cut of 3% in the coming years. This indicates that more people believe that higher interest rates in the future will be the new normal, and the era of "making money for free" has come to an end!