The last thing we should want is to extend that subsidy over a wider range of activities, which is, I believe, exactly what would happen if bank op subs could engage in wider nonbank financial activities.
Latest observation: 7 October 2022. Real rates  Our monetary policy decisions have also contributed to substantially raising real rates over most horizons beyond the very short term. For instance, the forward real rate at the 1yr1yr horizon has gone up by about 300 bps since December 2021 (Chart 11).