What is the quality of long-term interest rate expectations in financial markets?

Financial markets currently expect only a modest rise in long-term interest rates relative to inflation (we look at the United States and Germany). Is this a credible sign that long-term interest rates will ultimately rise little, despite inflation and central banks’ reaction to inflation? We look at the quality of long-term interest rate expectations in financial markets in the past. Are they a good predictor of future long-term interest rates (1 year later, 2 years later)? We see that this quality is at best very low, most often zero. In reality, there is no information about the future trend in long-term interest rates contained in expected long-term interest rates.