Three important things are to be noted, then for the other insights of a marco nature, I refer you to the analyzes included in the 30yr chart that you find just below.
The FED placebo effect of stimulus packages shows a shorter impact . Trillions of dollars spent create a small positive effect that lasts for less than three months but leaves a massive trail of debt behind. Central banks are increasingly hostage to governments that simply will not curb deficit spending and will not implement structural reforms. Market participants know this and take incremental levels of risk knowing that central banks will not taper, which leads to a more fragile environment and extreme levels of complacency.
ECB with a change in its target, would allow the to exceed its 2% limit without change of policy. So if the ECB lets go, some interesting considerations can be made: the euro is destined to become the next "new lira". There will be no reimbursement of debt and we will have two scenarios before us, both very bad: 1) Stagflation or 2) Deflation