Global natural rates could be rising, SNB governor says

Jordan says Swiss central bank’s approach allows it to deal with uncertainty over r*

Thomas Jordan
Thomas Jordan
Louis Rafael Rosenthal

Natural interest rates could undergo a persistent rise after three decades of decline, Thomas Jordan said on May 30.

Lower savings, fiscal deficits, productivity boosts from new technology and the green transition could all push rates higher, the Swiss National Bank (SNB) governor said. But, he added: “It is too early to tell whether a reversal in the global downward trend in real interest rates is already taking place.”

The usefulness of the natural rate, or r*, depends on neither cyclical and

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