In the outlook, private consumption, mainly of face-to-face services, is likely to remain at a relatively low level for the time being due to the impact of COVID-19. Thereafter, it is expected to pick up again with the impact waning gradually and supported also by the government's economic measures.
The conference will conclude tomorrow with a discussion of regulatory requirements in Treasury markets. Many point to post-crisis regulation as a key factor driving any recent decline in liquidity. Although regulation seems to have had little to do with the events of October 15, I would agree that it is one factor driving recent changes in market making.