The thinking is that lowering rates will increases spending (why save if you aren't getting much of return, you will find other ways to invest your money rather

The thinking is that lowering rates will increases spending (why save if you aren't getting much of return, you will find other ways to invest your money rather than have it sit in a bank account). So, if the economy seems to be in a recession central banks will often lower rates to encourage spending. But if you are already at near 0% for a record length of time, and have printed massive amounts of money, well friend we are in uncharted territory. What's better than do nothing? Doing something, we have this interstate rate lever, we can't pull it down, lets push it up!