> Yes, it would spur some more spending, but I think the cognitive impact of seeing your bank account bleed money will drive a behavioral shift away from tradi

> Yes, it would spur some more spending, but I think the cognitive impact of seeing your bank account bleed money will drive a behavioral shift away from traditional currencies to alternative stores of wealth. e.g. precious metals, crypto, real estate, etc. If people end up buying more stock or real estate as a result of lower interest rates, that's "mission accomplished" from a policy point of view. That counts as economic stimulus. If people end up buying gold to fight inflation, they can just ban owning it (again). The same goes for crypto.