At the end of the day, this kind of discussion is about who have the power, "the markets" or the central banks. The answer, is obviously, the central banks. Yo

At the end of the day, this kind of discussion is about who have the power, "the markets" or the central banks. The answer, is obviously, the central banks. You can see it all around the world, in the current crisis, what decide the interest rate and the interest of the public debt is not "the markets" is the central banks. Otherwise you will not find demand for assets that, in some cases, have negative return. So, it's not the supply and demand in the markets what decide the price, but the policy of the monetary authorities (1). (1) - This only apply for countries that have its own floating currency.