And why has the decline 2 / 11  BIS central bankers' speeches  in interest rates been so widespread? Global real interest rates have declined Lower inflation explains a portion of the decline in nominal interest rates. Longer-term interest rates reflect market participants’ expectations of future inflation as well as the expected path of real, or inflation-adjusted, interest rates.
And while lower realized inflation and credible central back inflation targets have likely stabilized expected inflation at relatively low levels compared with much of the 20th century, inflation-adjusted yields have also notably decreased. The decline in interest rates also does not appear to be primarily an outcome of the economic cycle.