"Why don't you think investors
are demanding
a higher real rate of return"

priceless personification
of the credit market
deeply consider
the irony and folly of this query

real return riskless return
"demanding " nope

yes you can see markets demanding

higher risk premia

higher inflation adjustments

but only because of opportunities
to escape risk and or dollar inflation

t bonds stocks land and ....gold and swiss francs

you "demand"
a higher return in one market
because you're able to get it in another
if over all demand for real returns rose
it would be an effect not cause
the effect of
eat it now mania