US interest rates have been changing due to shifts in risk premia. This is because the Federal Reserve's credibility has increased, leading to lower compensation for holding assets exposed to inflation. A model shows that under a committed monetary policy, inflation risk premia are lower, potentially resulting in negative bond returns. The model suggests that if people prefer future consumption over current consumption, inflation risk premia could be negative. This model aligns with recent interest rate trends and improved economic stability in the US.