At present, the inflation rate is so low that the real interest rate on savings deposits is above zero. This means it is currently still higher than it was in the 1970s. To take another example, between 2011 and 2014, the real interest rate was actually negative. Of course, monetary policy has contributed to the unusually low level of long-term interest rates.
Not only the forward guidance, but also the purchase of long-term bonds – issued by sovereigns, banks or enterprises – aimed at lowering long-term rates. But long-term interest rates are not only determined by monetary policymakers. They are also a reflection of nominal growth expectations, and if potential growth is slowing, it has a depressing impact on the real rate of return.