美联储：政府债券吸引力萎缩导致“自然利率”上升

Core Insights - The global "natural rate of interest" has statistically increased by approximately 1 percentage point since 2019 in the U.S. and other developed economies [1] - The decline in the attractiveness of government bonds' "safety" and "liquidity" accounts for about 50% of the rise in interest rates [1] - Key factors contributing to the increase in interest rates include the diminished appeal of government bonds, AI-driven productivity growth prospects, and the surge in government debt-to-GDP ratios [1] - The shift in the natural rate of interest will significantly influence the interest rate decisions of the Federal Reserve and global central banks [1]