Global economic factors driving interest rate increases

External factors are increasingly driving interest rate trends in the Eurozone and Portugal. A rise in the global real interest rate is being fueled by increased demand for savings, particularly in the United States, driven by rising public deficits and massive investments in artificial intelligence.

Short-term nominal interest rates are being influenced by inflation, specifically rising energy prices resulting from U.S. military actions in Iran. These geopolitical tensions are expected to impact European Central Bank decisions and Euribor rates until a lasting ceasefire is established.

Long-term interest rates are also being affected by fiscal policies in the United States. Concerns regarding high public deficits and uncontrolled rising public debt are contributing to successive increases in long-term rates.