This is all the more the case when inflation remains low, when inflation expectations show no signs of improvement, when growth is very weak and unemployment rising. In such circumstances every other central bank would have cut interest rates. That I am more critical of some non-standard monetary policy instruments, such as the purchase of government bonds, is well known.
As market participants react in real time to any news potentially relevant for the medium-term inflation outlook, they support the monetary policy transmission process: they tend to frontload accommodation when inflation risks are skewed to the downside, and they tend to remove accommodation when risks are tilted to the upside.