21 However, a simple rule of that sort will, by necessity, leave out many factors that appropriately influence monetary policy, such as financial developments, temporary divergences in relationships between different measures of economic activity or inflation, and the like.
In addition to this, we examined supervisory interest rate scenarios: a sustained low-interest-rate environment, a positive interest rate shock of 200 basis points, a negative interest rate shock of 100 basis points, and a turn in the yield curve of +200 basis points at the short end and –60 basis points at the long end, each at the beginning of this year.