On the other hand, there was no doubt that underlying conditions had come a long way since the start of our asset purchase programme, in terms of both the overall progress achieved and the resilience of the economy to negative shocks.
Those who have an appreciation of U.S. history know that the Federal Reserve played an important role in support of the funding of the First World War and that the war forced the early Federal Reserve to contend with an uncertain global environment with wide-ranging monetary and economic ramifications.