Is There a Toolkit to Attenuate Credit Creation?

When you have extremely low interest rates, you do tend to get excessive credit creation in the private sector. The Fed talks a lot about macroprudential, right? And you can do a lot of things on the regulatory side. We just don't believe that interest rates are all that powerful a tool. If it worked that well as a policy tool, surely somebody would have figured out how to hit their inflation target by now.