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BA/ML economists said the "economics of.....>

US VIEW
US VIEW: BA/ML economists said the "economics of real rates" and said "in recent
years real interest rates have dropped dramatically across the world. Underlying
this decline is a decrease in neutral or equilibrium real interest rates that,
by most accounts, is permanent. Count us among the skeptics. Here we reinforce
the views of our rates team, arguing that the long downward slide in both short
and long real rates is likely to reverse."
- They add that the "global "saving glut" is fading as saving rates stop rising
in emerging markets and fall in China."

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