The price of debt decreased steadily from the late 1980s until after Covid. Now it cannot go up much, or down much. The fiat debt based currencies are stuck in a narrow zone where the price of debt cannot increase much without collapsing the massive pile of debt that has been accumulated over the last 35 years- most of that debt leveraged upon non productive assets- mostly real estate. Real estate prices will stagnate at best- more likely collapse in the next 5 years.