ChainCatcher News, Jupiter Asset Management bond fund investment managers Ariel Bezalel and Harry Richards stated that monetary policy in developed countries is too tight, especially the current real interest rate level after excluding the impact of inflation. There is still a long way to go before monetary policy reaches the neutral interest rate level. Market expectations reflect this, as the market has already priced in a return to neutral levels over the next two years.

However, the market has not priced in the risks of a more severe slowdown in economic growth or even a recession. This could force central banks to lower interest rates below the neutral level. (Jin Shi)