The US experience is not unique. Deutsche Bank analyzed 50 years of economic data for 50 countries who have experienced inflation greater than 8%. The chart below shows the historical ranges of inflation in these countries (0 axis is 8%). The dotted lines are the current forecasts for inflation in the US.
The data show that inflation was persistently high for long periods of time – suggesting that the current forecasts showing inflation ending (conveniently enough) just before the presidential election in 2024. A more realistic outlook suggests that we will see high inflation and high interest rates for longer than the next 24 months – especially because the study’s authors note in almost all of these historical situations, central banks took action against inflation before it hit 8% - unlike the US here – and they haven’t usually loosened fiscal policy during the fight as they are now doing in Europe because of gas shortages there.
In sum, I can exactly say how high we think rates will go or how long they will stay there – but I am pretty sure that they will go higher and for longer than we are presently being told.