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It is a mistake to think we will return to the pre-Covid world of low long-term rates

 since there are bigger structural shifts in the global economy. “Some of what’s making the neutral rate be higher may be temporary, but there’s no reason to think that all of it is temporary,” Summers argued.

Macroeconomic shifts aside, there is another, often-overlooked cultural issue as well: the propensity for people to define “normality” as what they grew up with. Most notably, financiers under the age of 50 built their careers in a world of ultra-low rates and inflation. They therefore tend to view this as “normal”

Gillian Tett FT 9 March 2023


Hamngatan 1966

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