> I am happy to report that “low interest rates” do not cause inflation by themselves on any scale less than a decade. Source: 1995-2021.
Interest rates in 1995 were about average, not particularly low. The zero interest rate period really started at the end of 2008 in response to the housing crash, with a very specific goal: To counteract the deflationary effect of the housing crash.
A major deleterious effect of that policy was to effectively re-inflate the housing bubble, which is now Causing Problems. But it was quite effective at doing the thing it does, which is increasing the rate of inflation relative to the alternative. When the rate of inflation would otherwise have had a minus sign in front of it, that can be what you intended to do, but that doesn't mean that's not what it does.
Interest rates in 1995 were about average, not particularly low. The zero interest rate period really started at the end of 2008 in response to the housing crash, with a very specific goal: To counteract the deflationary effect of the housing crash.
A major deleterious effect of that policy was to effectively re-inflate the housing bubble, which is now Causing Problems. But it was quite effective at doing the thing it does, which is increasing the rate of inflation relative to the alternative. When the rate of inflation would otherwise have had a minus sign in front of it, that can be what you intended to do, but that doesn't mean that's not what it does.