As savers know all too well, interest rates are low across the developed world. In many countries, they are nega tive in real (ie, after inflation) terms. In short, thrift is being punished. Low or negative real rates are usually the result of two things. Interest rates are the price of money, balancing the de mand of citizens to save with business's desire to invest. So a low real rate may simply be a sign that both consumers and businesses are feeling cautious.
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