Bond Yields Are Too High, or Too Low?

The normalization of monetary policy is extremely slow. It will take a very long time before interest rates are back to levels thatr are closed at what we call the neutral rate, not to go into that discussion. If if you take into account the deat cod normalize, then bon tields are too low. But i don't think that. Againe believe that thise uncertainty about growth and inflation are not low, especially on t inflation side. So there should be a positive term premium.