Excluding food and energy, the rate of inflation has fluctuated around 1-1/2 percent over the past few years, measured by the chain-weighted price index for personal consumption expenditures. Core inflation has been running somewhat faster more recently, in part because of the increases in the prices of energy, commodities, and imports that began last year.
Widespread adoption of cryptos in payment systems may limit authorities’ ability to enforce laws and regulations in parts of the financial system. 4  And finally, we see possible risks from market capitalisation and wealth effects. Crypto-asset markets could become more important in particular jurisdictions if market capitalisation grows significantly larger and ownership spreads.