The Fed was always going to 5% they are there now. And they will stay there. The other major countries, especially Europe would like the rates to be closer to 3%. That won’t happen. They will stay at 5% for possibly years. This allows the Fed to react to a problem. Plus it punishes Russia and China who can’t pay 5%. Money will not need to go to risky countries if it can get 5% safely here. Hopefully this soaks up most stupid money.
You used the word “safe” . seems when Biden seized foreign assets it made some jittery and they are playing around with alternatives.