The 10-Year Rate Is Going to Be a Lot Higher Than People Are Used To

We've had a period of, say at least 10 years, excluding the last year or so, where we've had real interest rates essentially roughly zero or negative. So you're saying historically that's abnormal. You'd expect a reversion to what? What is the normal typical 1% to 2% real rates? Ken Rogoff: I think inflation will be more in the 2 to 3 range than it's been. The 10-year rate's going to be a lot higher than people are used.