I don't know that anyone should be holding their breath on interest rates going up much further.  Chances are interest rates hovering around 1% are "the new normal", just as they have been in Japan for about 25 years now.

Economic cycles are, well, cyclical.  We are probably pretty close to the peak of the current cycle and central banks are only just barely starting to remove the "emergency stimulus".  What that suggests to me is that we will go beyond the 'peak' and into the next global slowdown WELL before we finish the job of removing the "stimulus" put in place during the last slowdown.

The real problem here is that, when the next recession hits, we won't have much room available for traditional monetary stimulus.