Low interest rates may not always lead to deflation, as some theories suggest. The idea that low rates cause deflation relies on the assumption that people can predict the future perfectly, which is not realistic. Our analysis shows that in certain situations, this assumption doesn't hold true. By considering how people actually form expectations about the future, we found that maintaining low interest rates for a long time doesn't necessarily lead to deflation. This challenges the common belief that low rates always result in deflation.