Accordingly, higher, generally applicable capital charge applied to SFTs might be a useful piece of a complementary set of macroprudential measures, though an indirect measure like a capital charge might have to be quite large to create adequate incentive to temper the use of short-term wholesale funding.
- 10 -  Our assessment that it is time to pause is based on what we have seen so far and on our forecast for economic growth and inflation. We will be assessing economic developments relative to this forecast.