Following suit, the IMF estimated that financial conditions for the majority of countries are already similar to the ones that prevailed in early 2009 or in the first phase of the pandemic, in April 2020.
For instance, resistance to interest rate hikes is far stronger than to cuts, and it may sometimes come from interest groups with high stakes in the matter. Another complication might stem from the existence of more than one goal, which may make the rationale for monetary policy decisions hard to convey.