" Looks like overnight central bank rates in North America may ultimately stay high for longer."
That's what should happen as long as Fiscal policy is based on MMT (especially in the US) and there is QT (as in the US) or neutral monetary policy.
Why should rates on long bonds be lower than the inflation rate PLUS actual profit?
Govt. debt that gets refinanced, these days will cause interest expense to skyrocket, just like the citizen refinancng their mortgage at 7% instead of 2%.
The US has >$1T to refi short term, and Canada rates tend to have to be somewhat competitive.
The US is even meeting with China to beg them to stop selling Treasuries....