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Each year for the last few years we've been taking a hard look at the drivers behind interest rates and conveying our thoughts about where they might go in the future. Looking back to last year, we forecasted that without a substantial improvement in global economic growth expectations long-term interest rates wouldn't move significantly higher. Global economic growth expectations, and inflation expectations, have indeed increased since then and long-term rates followed the trend higher, though perhaps not as high as many had hoped and have fallen off slightly since March of 2021.
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