The already low level of interest rates in the United States and the rest of the industrial world could fall further, three senior central bankers said on Sunday.
Speaking at the American Economic Association's annual meeting, Federal Reserve Bank of New York President John Williams, European Central Bank (ECB) chief economist Philip Lane, and Bank of England Deputy Governor Ben Broadbent all saw a possibility that so-called "R-star"—the neutral level of interest rates that neither spurs nor restricts growth in their economies—might drop in the future.
"You could see R-star go lower because of demographics," Williams told the audience in San Diego.
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