1 I want to thank Kurt Lewis and Shaghil Ahmed of the Federal Reserve Board for their  assistance on these remarks. These views are my own and do not necessarily reflect those of the Federal Reserve Board or the Federal Open Market Committee.
2 The central banks of the United States, the United Kingdom, Canada, the euro area,  Australia, New Zealand, Norway, Sweden, and Switzerland together account for 49 percent of nominal global GDP measured in dollars at market exchange rates. Each of these central banks has raised its policy rate by at least 125 basis points in the past six months.