Here's the chart:
As you can see from the chart, for most of the last fifty years, interest rates have either been the same as inflation, or higher than inflation. From 1980 to 1995, interest rates were kept at least 4% higher than inflation, which is why the rate of inflation fell so much during this period.
What is happening now is distinctly odd - inflation is higher than interest rates by about 3.5%.
Yet the markets are convinced that the Fed funds rate will "peak" at 4.75%, after which the Fed will pause. And they believe the Fed will cut interest rates in the second half of next year.
The above scenario is only plausible if the world goes into recession next year, and businesses lose their pricing power.
But given how much QE money is sloshing around the world, how likely is that?