By pushing official rates below zero, central banks have altered the way key financial assets perform through the cycle. What's less clear is what happens next.
Central bankers have signally failed to spark the animal spirits that lead businesses to invest and pay workers more – preconditions for higher inflation.
But what they have achieved is keeping the economic cycle from tipping over into recession and deflation.
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Patrick Commins reports and comments on trends and news in domestic and global investment markets. Connect with Patrick on Twitter. Email Patrick at p.commins@afr.com
