To the extent that the Fed does not again surprise markets, but instead manages to stabilize expectations embedded in the longer part of the US yield curve, for example via the continued and effective use of its forward guidance, the impact on the global asset price constellation could be more benign than it has been so far this year.
Some of them would be addressed today in the presentation to be made by the Basel Unit in the course of this Special Banking Committee meeting. It came out during the presentations that banks are striving to build up their capabilities to move to the new framework. We noted the contrast in approach between the international banks and the local banks.