If there is one aspect of the current era sure to obsess the financial historians of tomorrow, it is the unprecedented low level of interest rates. Never before have deposit rates or bond yields been so depressed in nominal terms, with some governments even able to borrow at negative rates. It is taking a long time for investors to adjust their assumptions accordingly. Real interest rates (i.e., allowing for inflation) are also low. As measured by inflation-linked bonds, they are around minus 1 % in big rich economies."

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