The central banks—and the Federal Reserve in particular (as issuer of the world's default reserve debt note fiat currency denomination)—have painted themselves into a corner.
Global debt aka bond market is more unstable and volatile than it has been in half a century. Nobody wants to buy the debt, there's a vast glut of it. And since the 2000s central banks have kept interest rates artificially low, which has encouraged global HNW malinvestment and furtherance of the post-1970s Financialization of the global economy and the investment banks' black box gigacasino (which is totally segregated from the Real Economy of goods-services-commodities).
So they have fucked themselves and us:
>if they lower rates, it simply makes global HNW malinvestment and Financialized speculative debt instruments worse, bringing the global bond market collapse closer
>by keeping rates higher, the Fed will implode the national banking system which started cracking under the strain two years ago with SVB, along with both commercial and residential real estate which is also collapsing