"Real" is a term of art for something inflation-adjusted, as opposed to nominal. That's it. Scare quotes and metaphysical discussion of realness are inferring

"Real" is a term of art for something inflation-adjusted, as opposed to nominal. That's it. Scare quotes and metaphysical discussion of realness are inferring deeper meaning that isn't there. Of course you can have expectations about real interest rates: if expected real and nominal interest rates are about equal, you'd tend to feel that keeping your money under your mattress is about as attractive as keeping your money in treasuries.