Portfolio rotation into risky assets without a rise in risk-free long-term interest rates

Economic recoveries normally lead to a portfolio rotation into risky assets: equities, corporate bonds, emerging-country assets, real estate, etc. This rotation normally leads to a rise in risk-free long-term interest rates. But given the debt levels, central banks could not accept a rise in risk-free long-term interest rates in the current situation. They will therefore keep these interest rates very low, which will amplify the portfolio rotation into risky assets.