My outlook is more cautious than the median of the Policy Board members’ forecasts, probably because I allocate a greater weight to a potential loss of economic opportunities arising from labor shortages, resulting in a more moderate pace of economic growth.
Improving transparency is something in which all the parties involved in the “originate-to-distribute” model – originators, arrangers, investors and, not least, the rating agencies – must and, out of benign selfinterest, will play a part.