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mpc: 4 Real long-term forward interest rates had edged lower in the United Kingdom and euro area over the month, but had risen a little in the United States. More generally, real long rates in most advanced economies were at or around historically low levels. As discussed in previous Committee meetings, those low levels could reflect some combination of higher planned saving, lower desired investment or excess liquidity associated with loose global monetary policy. In the United Kingdom, it was possible that the low level of long rates partly reflected pension fund regulation.