Golden Finance reported that Ariel Bezalel and Harry Richards, investment managers of the Jupiter Asset Management Bond Fund, said that the monetary policies of developed countries are too strict, especially the current real interest rate level that excludes the impact of inflation. Monetary policy still has some way to go before reaching neutral interest rate levels. Market expectations reflect this, with markets already pricing in a return to neutral levels over the next two years. However, markets have not priced in the risk of a more severe slowdown in economic growth or even a recession. This could force the central bank to lower interest rates beyond neutral. (Golden Ten)