We have got used to the fact that money market rates (as well as a good range of other interest rates) can be negative. So, one thing we have surely learned is that “zero is rather something minus”. In this particular sense, the “zero” lower bound has turned out to be less binding than previously thought.
What this means is that the closer we get to full output and employment, the greater the risk that inflation pressures will appear. This is just one of the many risks that the Bank will need to manage as we conduct monetary policy.