We are also considering other changes, as I discussed last week when testifying to Congress. Third, the Federal Reserve is reassessing whether the Volcker rule implementing regulation 1/2  BIS central bankers' speeches  most efficiently achieves its policy objectives, and we look forward to working with the other four Volcker rule agencies to find ways to improve that regulation.
  While underlying inflation is subdued, a number of temporary factors will boost total CPI inflation to around 3 per cent in the second quarter of 2011 before total CPI inflation converges to the 2 per cent target by the middle of 2012.