Raise expected inflation by 2%, and interest rates should rise by about 2% too
Economist Irving Fisher proposed that the interest rate banks charge is approximately the real return lenders want plus however much inflation they expect over the loan's life. If expected inflation rises, lenders demand higher nominal rates just to keep their real return unchanged, otherwise they're effectively paying borrowers to take their money. The 'Fisher effect' is a cornerstone of how central banks think about interest rates and inflation expectations today.