Wherever interest rates go from here, there will be bad news

Interest rates have been low for a long time in OECD countries, thanks mainly to the absence of inflation. Wherever interest rates go from here , danger awaits : If interest rates remain low, it is no w well known that it will be conducive to corporate concentration, and therefore to a weakening of productivity and the appearance of “zombie firms”, and that it will weaken banks; If interest rates rise, for example in the event of an inflation shock, there will be massive losses for bondholders and a fall in the solvency of highly indebted economic agents. The fact that interest rates have been kept low for a very long time now means that all possible interest rate paths (continued low interest rates, rise in interest rates) will be unfavourable.