Financial markets pretend to know where inflation and interest rates will be in 10, 20 or 30 years or more. This should lead governments, households and companies to take up very long-term debt

The financial markets believe that inflation and interest rates will remain low in the very long term in the United States and even more in the euro zone. In reality, nobody knows where interest rates and inflation will be in 10, 20 or 30 years: many events may have brought back inflation and higher interest rates by then. This should lead borrowers (governments, households, companies) to take up very long-term debt (30 years, 50 years, perpetuity , etc. ).