What defines normal interest rates? Without defining that we cannot in turn defined high or low, much less ultra-high or ultra-low (or whatever name you want to give). That means we can't even have a discussion, yet I have yet to see anyone try to define what normal should be.

Of course when defining normal you also have to define what variance is normal, and what to do when things get too far out of normal. (though everyone seems to agree we shouldn't go below zero)

Well I'm no prophet, but the case would be: 1) globalization added downward pressure on prices, so deglobalization (or even just partial backing off) will remove that downward pressure 2) people really don't like inflation, even rich people, and expect the central banks to do something about it (raising rates)

Yeah the cats out of the bag, the on-shoring is for certain strategic needs only (e.g. computer chips and goods related to defense) but globalization is here to stay, the next big effort is to offshore knowledge work.