Allow me to also welcome participants from some of our neighbouring countries, including Governor Shiimi of Namibia, Governor Senaoana of Lesotho, and Deputy Governor Mdluli from the Central Bank of Swaziland accompanied by senior officials from their Central Banks. The previous conference, held in late October 2008, took place a few weeks after the outbreak of the global economic crisis.
With a firming of monetary policy by the Federal Reserve widely expected, they built large short positions in long-term debt instruments in anticipation of the increase in bond yields that has been historically associated with a rising federal funds rate. But by summer, pressures emerged in the marketplace that drove long-term rates back down.