A number of other developments – the record issuance of highyield debt securities in the United States, the rebound of capital flows into emerging-market economies and the popularity of commodity exchange-traded funds in recent quarters – are consistent with this pattern. The influence of sustained low interest rates in major advanced economies on risk-taking behaviour is a powerful dynamic that bears watching.
Central bank communication was tested to the hilt and on two  major counts as the pandemic unfolded: (a) we had only the digital interface to communicate with media and other stakeholders, and (b) the target audience changed from experts to the general public with attendant challenges9.