What we have said is that interest rate cuts in this low-rate environment are likely to have a smaller effect than they did when they were higher, but that's not the same as saying that low interest rates aren't doing anything. In fact, they're doing a lot. What's important to bear in mind is the relationships that we're modelling here are between interest rates and exchange rates and the level of the activity in the economy, the level of GDP, in the case of the dollar, and the level of exports. When those things change, you get a move to a higher level, which means growth picks up. But growth picks up only temporarily. Then when the effect is over, the level stays higher but the growth impact dissipates. We're not usually in this situation for as long as we've been at present, and this is why those comments are more prevalent. The fact is that those things are having a very large effect. Just imagine what it might look like if we stopped. That gives you an idea of the counterfactual.
On October 24th, 2016. See this statement in context.