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When either conventional or unconventional monetary policy eases, certain things are supposed to happen: long-term yields fall, stocks rise, the exchange rate declines.
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Others hope policy easing will do the trick.
"The Bank of Japan announced very strong monetary policy easing at the start of April".
Prolonged falls in prices would normally make an open-and-shut case for policy easing.
Central banks in the developed world may yet be forced into further policy easing.
The dollar rallied as the Fed offered few clues about near-term policy easing.
Carney said some monetary policy easing would probably be required over the summer.
"What would need to be seen to be convincing is substantial further monetary policy easing.
"If required, we will act swiftly with further monetary policy easing.
It has been one of the most concentrated periods of monetary policy easing on record.
"But I do think that the likelihood of fiscal policy easing is rising globally".
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