Central Banks, When Inflation Is Low, Have a Hall Pass

Central banks, when inflation is low, basically have a hall pass. They can do anything, and they can go anywhere they want. But once inflation starto sort of becomes an issue, they have leck less flexibility. Interest ratesorty sort of reflect that. It's just the context at which this inflation is coming,. with negative rates and zero rates and rates being general, and the amount of debt. The culture that has sort of fed off lo ra vivat equity, feeding off low rats, or buying assets. And legard might actually raise rates at some point in our lives. We take for granted thatwell, tha stops % there was down 23 % to day ow