An era of central bank shocks has left few options for next downturn

The era of central bank shock and awe is over.

More than ten years of crisis fighting -- including this year’s rush to support global growth -- have left policy makers in key economies facing a new decade with few good options to fight the next downturn.

Interest rates are either already around historic lows or negative after more than 750 cuts since 2008, spurring concerns they are doing more harm than good.

At the same time, leading central banks are buying bonds again -- so called quantitative easing -- after the purchase of more than $12 trillion of financial assets wasn’t enough