Monetary policy, in the form of lower interest rates, works by increasing asset prices and stimulating interest-sensitive spending, in particular on private and commercial real estate. If a sharp economic contraction occurs and central banks respond by cutting interest rates sharply, we would expect to see rising stock and property prices, and rising bank lending. Much of what commentators now worry about are thus the predictable effects of expansionary monetary policy -- this is how monetary policy works. That said, rising wealth inequality is a serious problem that strikes at the heart of social cohesion, but one that is best tackled by income redistribution through the tax system. The idea that monetary policy should worry about income inequality is misguided.