The Price of Money Is Going Up, and It's Not Because of the Fed

May 30 2023 Bloomberg article:

Why Low Interest Rates Will Return – Again and Again (https://news.ycombinator.com/item?id=36848416)

Of course, the May 30 article is about the decline in interest rates over the last 8 centuries, and the current article is only talking about the next couple of decades, so both can be right.

Where liquidity goes, so too goes pricing.