In normal times, any effort by a central bank to take short-term interest rates too low for too long will boomerang. Short-term market interest rates will fall, but, as investors begin to recognize the ultimate inflationary consequences of very loose monetary policy, longer-term interest rates will rise.
其次，在与金融危机作斗争的过程中，主要央行均将极短期政策利率降至零水平，且没有给出明确的退出信号。在正常时期，央行若在过长时间内将短期利率维持在过低水平将适得其反。短期市场利率会下降，但是，随着投资者最终开始意识到极宽松货币政策的通胀后果，长期利率会上升。