Yes. Exhibit 10 shows structural declines in interest rates across select developed economies as the country’s age dependency ratio worsens. Rates in the U.S. will likely follow a similar pattern over the coming decades as the population ages.

Click on the chart for a larger view

This is an excerpt from the report "What Rising Rates Mean for the Markets and Investors. In our view, rising interest rates are unlikely to kill the bull market at this point."