But there are two dimensions to this: one is the medium to long term issue of immigration and demographic developments, and the other is the short term crisis of refugees that raises a lot of logistical issues, among others.
Over the past year, we have raised the federal funds rate nearly 5 percentage points and have begun to reduce the size of our balance sheet. 1/5  BIS - Central bankers' speeches  As a result, financial conditions have tightened significantly. Borrowing costs have risen, equity prices have declined, and the dollar has appreciated on net. Interest-sensitive sectors of the economy have slowed.