Ariel Bezalel and Harry Richards, bond fund managers at Jupiter Asset Management, said that the monetary policies of developed countries are too strict, especially the current level of real interest rates that exclude inflation. There is still a long way to go before monetary policy reaches the neutral interest rate level. The market reflects this expectation, and has already digested the expectation of returning to neutral levels in the next two years. However, the market has not yet digested the risk of more severe economic growth slowdown or even recession. This may force the central bank to lower interest rates below the neutral level.