The problem is interest rates are the only large lever they have, but changing this lever changes a lot of things at the same time. Some of those changes are g

The problem is interest rates are the only large lever they have, but changing this lever changes a lot of things at the same time. Some of those changes are good, other bad - they need to figure out the best compromise, but there is always good and bad with every position of this lever. Most of the things that happen as a result of the lever (including leaving it in the same place) take time - sometimes years - to work out. Lower rates does increase spending. However it does this by adding money: inflation - which in turns makes prices go up. So in the long run this makes things worse despite the short term gain. This is just one part of the full consideration, there are lots of other effects from any interest rate that they need to work out.