It will continue to serve its important role of setting the standard for good practice. But to do so, it requires that you as market participants continue to reflect the principles of the Code in your activities in the FX market.
However, I expect this assessment to become more difficult for monetary policymakers in the future. Eventually, the outlook for employment and prices will improve to be broadly consistent with the FOMC’s objectives. As I’ve described, I expect that the real interest rate will still be unusually low at that juncture.