It’s hard to imagine a more targeted control than the benchmark rate, which has a direct impact only on people who manage money for a living and people who hold adjustable rate mortgages. It just manifests as a blunt hammer because the economy is interrelated, and I’d argue that any control big enough to make a difference will encounter this.

> people who hold adjustable rate mortgages

This is the vast majority of homeowners in most countries.

Which also spills into rent costs, of course.

We need negative interest rates instead of the quantitative easing nonsense.