If we see inflation running at 4 or 5% and it forces the Federal Reserve to reverse its monetary policy from monetary easing and lowering short term rates to monetary tightening and raising short term rates The interviewee explicitly states that inflation resurgence would force the Fed to raise short-term rates, indicating upward pressure on yields. The timeframe is specified as 'second half of 2026' and 'look out into 2026', which qualifies as medium term.