This is the end of a long term cycle in interest rate.
Rate has been declining for 30 some year.
There is a great vid of Nassim Taleb explaining what zero interest rate does to people - created a whole generation of 20s-40s who are conditioned by experience how the financial markets under the abnormal environment that ignores the basic principles of money.
There is nothing the central bankers can do to stop this crisis.
Real rate will stay very high for many years to come.
The generation of zero interest still calling the Fed will "pivot" soon and everyone will see new all time high in stock markets and everything else "soon".