It does make it harder to predict a downturn, or if one will even happen. Consumer confidence is on a downtrend so maybe once it gets below 60 we might see some bearish activity. If we do see some real longer term bearish activity then I am not sure what the central banks will be able to do about it aside from print more money which will just make things worse at that point. There wont be much they can do with interest rates at that point because even after a slight raise they will still be really low.
To trigger a strong enough fear, a big company needs to go bust, in my opinion.
