The many reasons to expect real interest rates to rise

Real long-term interest rates have begun to rise in the United States and the euro zone. But we believe this will continue in the medium term as many developments point to a rise in real long-term interest rates: The fight against inflation that central banks must conduct, due to lasting inflation caused by numerous scarcities; The sharp rise in investment rates due to the massive investments required for the energy transition; The decline in the savings rate due to population ageing; The ideological separation of the world into two camps, which would deprive OECD countries of the excess savings of emerging countries, which are currently invested in financial assets in OECD countries.