To be specific, the achieved interest rates at the last three auctions of dinar securities with seven-, twoand three-year maturity were lower by 0.5 to 0.6 percentage points relative to the previous auctions with the same maturity, which corresponds to the lowering of the key policy rate. Hence, the full coordination of fiscal and monetary policy continues.
In what may or may not be coincidence, at least the last three recession periods in the United States – those of 1990-91, 1980-82, and 1974-75 – were preceded by spikes in the price of oil. As a consequence, we at the Federal Reserve are especially attentive to developments in energy markets and their effects on the behavior of households and businesses.