Central banks should correct market anomalies, not create them

When central banks buy financial assets (risk-free bonds, risky government bonds, corporate bonds, potentially equities), their normal role is to correct market anomalies (in expansion periods, excessive rises in asset prices due to over-optimistic investors; in recessions, excessive falls in asset prices due to procyclical investor behaviour). But today, central banks no longer intervene in this way to correct market anomalies: they deliberately give rise to market anomalies (abnormally low risk-free interest rates relative to growth, squeezing of risk premia) in order to constantly stimulate activity.