The current global conditions, after about two years of living through  the pandemic, are now posing complex challenges for central bank communication. A number of economies, including the major ones, are facing multi-decadal high inflation due to supply disruptions, tighter labour markets, fragility of the just in time inventory management and geopolitical disturbances.
Conversely, by holding market rates below the real rate of return, we encourage the investment and consumption that is needed to bring the economy back to potential. That in turn creates the conditions for monetary policy to eventually normalise. It might seem at first glance that this policy is tantamount to penalising savers in favour of borrowers.