Long-term rates are not the same thing as rates in the long run. In the short run, monetary policy can create an imbalance and move the real rate of interest t

Long-term rates are not the same thing as rates in the long run. In the short run, monetary policy can create an imbalance and move the real rate of interest temporarily, but the real rate will adjust to its natural level as markets return to equilibrium, in the medium term. This is known as the Fisher hypothesis.