What are long-term interest rates sticky?

The reaction of long-term interest rates to inflation has been very muted (in the United States, the euro zone and the United Kingdom) . We set out to determine what is making long-term interest rates sticky and preventing them from rising more significantly. Possible explanations for th is stickiness in long-term interest rates are: Expectations that central banks will not raise their key interest rates much , especially given the war in Ukraine ; Strong structural demand for risk-free bonds from non-residents or institutional investors; A fall in the supply of government bonds, due to central banks’ bondholdings and fiscal deficit reduction; Expectations that the current inflation is only transitory.