We are building economies that are very sensitive to interest rates

The interest rate sensitivity of OECD economies is going to be extremely high: First, both private and public debt ratios are very high; Second, the ultra-expansionary monetary policies being conducted are giving rise to asset price bubbles, which would burst if interest rates were to rise. As a result of economies' sensitivity to interest rates, the pressure on central banks to prevent a rise in interest rates will be very strong.