When and How Will the Fed Tighten? - Barrons.com

THE MEMORY LESSON: When and How Will the Fed Tighten? - Barrons.com

Also to remember - as a lesson from the 1970's and 80's - is that people generally expect more of what they've just had. In other words, low interest rates are expected to beget low interest rates (from the 1970's).

Thus, throughout the period, savers never demanded enough return to compensate for the inflation they would face.

(In the 80's of course, it was vice versa.)