Remember that the yield curve is not a leading indicator of future growth
It is often claimed that long-term interest rates are low in OECD countries because investors expect low growth in the future. But it is important to bear in mind that since the mid-1990s, there has no longer been a ny correlation between the slope of the yield curve and future growth. Such comment ary should therefore be taken with a grain of salt: long-term interest rates are low for many reasons (monetary policies, bond purchases by non-residents, financial regulations, etc.), but the prospect of weak growth is not one of them.