Long-term and very-long-term interest rates are too low

In all OECD countries, l ong-term and very-long-term interest rates are now very low. This is an anomaly, as inflation is very likely to rise in the long term. Inflation could be brought back by: Wage policies that are more favourable to wage earners; Population ageing; Deglobalisation (the return of regional value chains); The transition to green energy. This spells trouble ahead for investors with very long maturities i n their bond portfolios (pension funds).