The two contradictory aspects of monetary policy

On the one hand, monetary policy (we look at the United States and the euro zone) is restrictive. This becomes clear when we look at short-term interest rates, credit growth and the situation of residential real estate. But on the other hand, monetary policy is expansionary. This becomes clear when we look at changes in liquidity (the size of central banks' balance sheets, the quantity of money held by non-bank economic agents) and the sharp rise in the prices of risky assets (equities, Bitcoin, gold, etc.). So we have at the same time weak corporate investment, falling real estate investment, stagnant or falling credit, and asset price bubbles.