The fact that the forward real curve has continued its descent observed since 2014 may be the result of the term premium compression, given the anticipation (first) and actual execution (then) of central bank purchases of securities held in price-inelastic portfolios. Indeed, the term premium is part of the real remuneration that investors demand in order to hold on to their investments.
In the second interpretation, long-term forward real rates are a measure of an equilibrium “norm”, rather than a reflection of a monetary-policy induced compression of term premia. Another way to look at the outer maturities along the real forward curve is to interpret these rates as a market measure of the equilibrium real rate.