In the New Zealand central bank, all important decisions are vested in the Governor, not in the Monetary Policy Committee or in the Board, even though we have both. We are by no means unique in this structure - laws in both Canada and Israel vest similar powers in the Governor. But the pattern is unusual internationally.
In addition, the longer the elevated level of stock prices was sustained, the more consumers likely viewed their capital gains as permanent increments to their net worth, and, hence, as spendable. The recent windfall financed not only higher personal consumption expenditures but home purchases as well.