“”Our analysis suggests that recent increases in real interest rates are likely to be temporary," the IMF said [on] Monday. "When inflation is brought back under control, advanced economies' central banks are likely to ease monetary policy and bring real interest rates back towards pre-pandemic levels."…
The "natural" level of rates "will remain low in advanced economies or decline further in emerging markets," the IMF noted. "The natural rate is a reference point for central banks that use it to gauge the stance of monetary policy. It is also important for fiscal policy. Because governments typically pay back debt over decades, the natural rate—the anchor for real rates in the long term—helps determine the cost of borrowing and the sustainability of public debts.””