Since March 2013, the statement has included the sentence, “The Committee will continue its purchases of Treasury and agency mortgage-backed securities, and employ its other policy tools as appropriate, until the outlook for the labor market has improved substantially in a context of price stability.” FOMC statements are available at www.federalreserve.gov/monetarypolicy/fomccalendars.htm. 15  See Board of Governors (2012c).
BIS central bankers’ speeches  7  Financial market movements are often difficult to account for, even after the fact, but three main reasons seem to explain the rise in interest rates over the summer. First, improvements in the economic outlook warranted somewhat higher yields – a natural and healthy development.