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They can justify such "quantitative easing" (QE) on monetary grounds since they have already lowered short-term interest rates to, or close to, zero.
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One of these days, probably, the monetary ground will become supersaturated with them.
But the data points that have come out over the past two months, including those included in the Fed analyses above, have slightly shifted the monetary policy ground to make it harder to maintain an aggressively expansionary pose.
Similarly, a near-best bond timer, Systems and Forecasts, seems optimistic on purely technical grounds: "Monetary conditions based on Treasury note yields remain negative, although recent strength in government notes may change that in the next week or two.
Some theorists oppose monetary expansion on other grounds, like the fear of setting off asset price bubbles.
It refused to support the bailout agreement signed by the Greek government, the European Union and the International Monetary Fund on the grounds that it would stifle growth and so it undermined initiatives like tax reform that would have helped combat tax evasion by self-employed professionals and businesses.
They do not take into account the persuasive power of monetary facts on the ground.
Opposition to the ECB action is usually made on the ground of monetary financing or inflation.
The euro is in trouble, but if leaders successfully realign political and fiscal policies with monetary facts on the ground, it could set a precedent.
When commercial interest as an element of SPECTRUM is considered, the ground for monetary incentive is again weak in the case of PetaJakarta because the system is not profit-driven or designed with the intention to make economic returns.
But it is particularly difficult to adopt because the Bundesbank opposes bond-buying on the ground that it blurs monetary and fiscal policy, especially in a currency union where there is no equivalent to federal American debt.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com