But the circumstances are different now, with policies aimed at breathing the lives of ten-year-old extensions rather than averting a financial breakdown. And it is unclear whether the central banks' depleted tools will suffice.
"We see the economy as a good place and we are committed to using our tools to keep it there," said Federal Reserve Mayor Jerome Powell. Congress July 10, indicating that the US central bank is ready to cut interest rates later this month.
The European Central Bank also sent a clear relief signal in the minutes of the June meeting, which said there was broad consensus among officials that they "needed to be ready and prepared" to reduce prices and resume active purchases to provide more stimulus .