It will be interesting to watch a recession that hits with zero or near zero (or even negative) central bank rates together with ongoing market disruptions such as the US/China trade conflict and Brexit. By “interesting” I mean terrifying.
The mind boggles.
But... what if they're right?
Interest rates have been low for a decade. That's pretty unprecedented. What if they're going to stay low for another few decades? Maybe they're actually acting rationally... if they're right that this is going to continue for a long time.
This scares me, because I fear that we're just putting ourselves in a worse and worse position for when things get tighter. But what if it really is different this time? What if they never do get tighter?