Central banks have snookered themselves. This, by the way, is an Anglicism for finding yourself in an intractable position.
In order to rescue their economies from the financial crisis, they used zero interest rate policy and quantitative easing to force yields down along the bond curve. This offered relief to over leveraged borrowers and pushed up prices of risk assets, boosting the wealth effect.
The thinking was that when people feel wealthier they spend more and, in developed economies which tend to be overwhelmingly consumption-led, that increase in spending helps to reignite growth.
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