Second, it is still too soon to fully assess the impact of the newest changes to mortgage lending guidelines. These guidelines, which came into effect at the start of the year, were aimed at tightening standards for uninsured mortgages.
Much of the discussion of the spillovers of U.S. monetary policy focuses on their effects on financial conditions in emerging market economies (EMEs). Some observers  2  See, for example, Adrian and others (2017) and the IMF’s most recent Global Financial Stability Report (2018) for discussion of the transmission of global risk shocks to domestic macroeconomic conditions.