18 I thank Jerome Powell for this statement. 15  - 10 historical standards, and we have not observed declines in market liquidity in recent episodes of high market volatility. Nevertheless, the market structure is changing, and trades in certain situations and in certain market segments might have become more costly.
2  BIS central bankers’ speeches  The latter are what Frank Knight, one of the founders of the Chicago school of economics, called “unknown unknowns”. A recent example is the political crisis in Ukraine. However, while this is an example of an “unknown unknown”, it has only limited potential to prevent us from reaching the end of the tunnel.