Obviously, such a policy would signal strong dissatisfaction on the part of the policymaking committee with current market expectations of future policy rates. Whether policies based on manipulating the composition of the central bank balance sheet can be effective is a contentious issue.
Finally, households' real income has been receiving a boost from the recent strong gains in employment, and the ongoing increases in house prices and gains in the stock market have kept the ratio of wealth to income at a high level. All told, prospects for ongoing gains in consumer spending and business investment appear good, and the recent indicators are positive.