And things are moving along swiftly – the fundamental review of the trading book (FRTB) was endorsed by the central bank governors in January, which means that the new market risk framework will take effect in 2019. Work is also ongoing to address the problem of excessive variability in risk-weighted assets by the end of 2016.
Consequently, in my press conference following the June FOMC meeting, I presented a framework linking the program more explicitly to the evolution of the FOMC’s economic outlook. In particular, I noted the Committee’s expectation at the time that improvements in the job market would continue, supported by a moderate pickup in growth that would support those gains.