The Fed's Approach to Interest Rates

There's been a fundamental sort of structural shift in the global economy. The world in which we had very strong deflationary pressures from just endless supplies of tradable goods coming from emerging economies are fading if not over. So now the question is where things will settle down. Will we come back to the very low pre pandemic levels? Or as Nobel Prize winning economist Michael Spence's warrant, are there long term structural factors that favor continued inflation and higher interest rates?