By lowering rates in highly indebted context (for people, companies and countries) which only indicates exuberance the last stage of an economic cycle. Why? Because by lowering rates you modify the equation of costa of Equity and Debt and by that the cost of Capital (WACC). As a consequence Central Banks are telling the risk premium of equities are at least low/near zero or even negative because the real interest rate right now is in a negative stage. Plus the FED told as yesterday that it will start hiking rates after inflaiton goes above 2% which means that FED will tighten FAST and HARD the interest rate. That means that it will cut liquidity and make more expensive the cost of capital by hiking the equation of the cost of equities, debt and by that cost of capital. That will take the ecnomy to the swamp (yet remember that bank are starting to tighten the lending requirements). Market will continue to perform las long liquidity and rates remain low yet when saving fall to a critical place cycle will tighten faster (yet deleverage has started because your are watching chapter 11 every day)
"staff judged that asset valuation pressures were notable."