It's psychologically difficult to do nothing when faced with inflation and near zero interest rates. The banks should have just sat on their hands and made peac

It's psychologically difficult to do nothing when faced with inflation and near zero interest rates. The banks should have just sat on their hands and made peace with losing money for a year or two. It's certainly preferable to buying bonds that plummet in value the moment interest rates go up. But that's what they did, because when faced with inflation it feels like you have to do something, and this is something, so they did it.