It's absolutely true that rates were higher throughout the 1980s and for large parts of the 1970s and 1990s. But in fact, that era was the aberration. And just because rates haven't reached the peaks seen then doesn't mean they aren't still high by historical standards.
But that 7.79% level was higher than it was in every single week since November 2000. That amounts to a 23-year span in which there have been five presidents, all with lower rates than the recent highs.
The return on Treasury bills - a measure of the bedrock risk-free interest rate - was 5.07% in 2023. It was lower than that in every single year from at least 1928 (when the data begins) through 1967.
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