7  See Jeremy C. Stein (2013), “Overheating in Credit Markets: Origins, Measurement, and Policy Responses,” speech delivered at “Restoring Household Financial Stability after the Great Recession: Why Household Balance Sheets Matter,” a research symposium sponsored by the Federal Reserve Bank of St. Louis, held in St. Louis, Mo., February 5–7.
BIS central bankers’ speeches  5  Market adjustments since May have been larger than would be justified by any reasonable reassessment of the path of policy. In particular, the reaction of the forward and futures markets for short-term rates appears out of keeping with my assessment of the Committee’s intentions, given its forecasts.