In fact, I think that even before the implementation of comprehensive monetary easing, a lowering of longer-term interest rates had already been achieved to a substantial extent through the Bank’s lowering of the policy interest rate to 0.1 percent, through policy duration effects from previous policies, and through the provision of ample funds.
Mapping the complex network of these interlinked exposures is crucial from a macroprudential standpoint. This work is currently being carried out by the FSB, and its success will depend on the full and timely availability of data from all jurisdictions involved in the exercise.