2  BIS central bankers’ speeches  These agency problems may be exacerbated by competitive pressures among intermediaries and by the associated phenomenon of relative performance evaluation. A leading example here comes from the money market fund sector, where even small increases in a money fund’s yield relative to its competitors can attract large inflows of new assets under management.
Now, of course, I fully realize that I have participated in just one FOMC meeting to date, so my remarks today will not come with a patina earned from long experience as a monetary policymaker.