13  See Board of Governors of the Federal Reserve System, “Agencies issue interim final rules expanding examination cycle for qualifying small banks and U.S. branches of foreign banks,” news release, August 23, 2018 and Board of Governors of the Federal Reserve System, “Federal Reserve Board issues interim final rule expanding the applicability of the Board’s small bank holding company policy statement,” news release, August 28, 2018.
This was on the basis that the yield target is most effective when it is consistent with our forward guidance on the cash rate. As I said earlier, we expect the cash rate to be at its current level for at least three years. Beyond that, we have less confidence.