BIS on how important central bank easing has been

Central bankers all acknowledge in private that low rates are like rocket fuel for asset prices; this is considered a key transmission channel for monetary policy. 

But few will admit in public that they are responsible for this summers stock market surge, either because they do not want to create a "put" for the markets, or get blamed for increasing wealth inequality or become scapegoats if a bubble pops. Or all three.

Gillian Tett FT 17 September 2020

https://www.ft.com/content/0216be8d-147a-439f-8f26-db6bc25e4d4c


BIS Report

https://www.bis.org/publ/qtrpdf/r_qt2009a.pdf

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