This year brought a turning point in the monetary policy of the major central banks. The crucial question is whether this turning point is cyclical or structural. It is therefore worth taking a look at the neutral interest rate, as this captures structural macroeconomic changes.
![Outlook: Development of the neutral real interest rate Outlook: Development of the neutral real interest rate](https://blog.en.erste-am.com/wp-content/uploads/2022/11/20220504_PD6541.HR_-370x210.jpg)