In order to continue to provide a secure, credible anchor, monetary policy must make a convincing stand in the fight against inflation. At present, this is primarily a question of convincing through our actions – that is, raising key interest rates.
13  See Evangelos Benos, Richard Payne, and Michalis Vasios, Centralized trading, transparency and interest rate swap market liquidity: evidence from the implementation of the Dodd-Frank Act (PDF) , Bank of England, Staff Working Paper No. 580, January 15, 2016. 14  See Tobias Adrian, Michael Fleming, Daniel Stackman, and Erik Vogt, What's Driving Dealer Balance Sheet Stagnation?