This is an active area of the academic literature and a priority area for our own research. I look forward to the insights that this work will give us for our future monetary and macroprudential policy decisions. References Beau, D, L Clerc and B Mojon (2012) “Macro-prudential policy and the conduct of monetary policy”, Banque De France Working Paper, 390.
Turning to the outlook for U.S. inflation, the rise in crude oil prices - coupled with rising margins for gasoline and higher prices for natural gas - contributed to a 25 percent annual rate of increase in consumer energy prices over the first half of the year.