BOE's Carney: No magic level of interest rates we're trying to return to

Further comments by BOE governor Mark Carney in Davos

• There's still stimulus going to the economy, but not much
• Speed limits of global economies have gone down

Well, it's more of a case that central banks now are trying to hike rates in order to build sufficient buffer when the next major economic downturn comes about; which we may already be seeing the start of one right now.

As it stands, if the global economy experiences another major crisis, central banks like the ECB, SNB and BOJ are in really poor positions to face such a downturn considering that rates are already in negative territory.