Low interest rates encourage governments to deficit spend. But when interest rates reach a paltry 4% most countries will be spending their entire income to meet interest payments. This is insane. Governments will collapse or simply print money as in the Weimar Republic.
Which is precisely WHY they won’t be going up. Everyone on the planet has too much skin in the game, and the stakes of losing are unthinkable.
Hence the game of Three Card Monte goes on indefinitely.