What would it take for real interest rates to rise again in OECD countries?

Real interest rates in OECD countries have long been on a declining trend, which can be attributed to two causes: Increasingly expansionary monetary policies due, inter alia , to the low level of inflation; Ex ante excess savings due to the rise in the private savings rate. For real interest rates to rise in the future, the following conditions would have to be met: First, inflation would have to return, which is possible if there is a boost to low wages, population ageing, return to regional value chains and energy transition; Second, the global and OECD private savings rate would have to decline, which may result from: Population ageing (actual , and no longer only expected); Redistributive policies that reduce high incomes and capital incomes while increasing low incomes, which also redistribut es wealth. If inflation returns but the private savings rate remains high, the yield curve should then rather be expected to invert: rising real short-term interest rates, continued low real long-term interest rates.