The sharp steepening of the long end of the yield curve in 2023 was not predicted by economists, including forecasters who had modelled persistently low safe rates.

Subjectsinflation interest rates economists

What this subject means

economists The economists themselves and the schools they founded -- Smith, Mill, Keynes, Hayek, Friedman -- rather than any one economic question.

What Olivier Blanchard actually said

Olivier Blanchard 6 Nov 2023 Economist; former chief economist of the International Monetary Fund

It is fair to say that, while economists expected the short end of the yield curve to reflect the higher rates needed to win the fight against inflation, the sharply steeper long end of the yield curve in the last few months has come as a surprise. I shall freely admit that I did not predict it.

↗If markets are right about long real rates, public debt ratios will increase for some timepiie.com
6 Nov 2023

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