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- Central Bank's monetary policy was not the primary cause

Central Bank's monetary policy was not the primary cause of
the persistant decline in inflation and long-term interest rates
Alan Greenspan, The Age of Turbulence, p. 14

... tectonic shifts in global finance... none of these forces is likely to be permanent.

Inflation in a fiat money world is difficult to suppress.

tectonic

Central bankers now operate in a world where monetary policy influences only a small part of the fluctuations in overall liquidity in the economy.
“Endogenous liquidity”, or the extent to which the market itself expands and contracts liquidity,
has taken over as the main driver.
Mohamed El-Erian, FT January 16 2008
The writer is co-chief executive and co-chief investment officer of Pimco.
He was previously president and CEO of Harvard Management Company