To take perhaps a more relevant recent example: in the US, financial institutions, credit rating agencies and investors stress tested their mortgage portfolios and mortgage-backed securities. However, the stress test was derived from the history of house prices in the US. That history suggested that cities in the US had their own price cycles and that the correlations across markets were not particularly strong.
With inflation slowing down in recent months, authorities have further opportunity to assess the stance of monetary policy. Given the impact of non-monetary measures to relieve food supply bottlenecks, including the implementation of the rice tariffication law, the BSP expects inflation to settle within the target band of 3.0 percent ± 1.0 percentage point for 2019–2020.