In fact, things have changed so much on this front that the focus of my talk is almost solely the drivers of housing outcomes. There is that much to talk about! I won't have anything to add about monetary policy, beyond what has already been published in recent weeks in the Governor's media conference, the Statement on Monetary Policy, and the Board Minutes.
With a well-functioning secondary bond market in place, the Government no longer faces rollover risks associated with short term debt instruments. 2. Benchmark bonds implementation: successful implementation of Treasury Bonds benchmarks and reopening to increase their liquidity since April 2009 was a critical step towards addressing the Bond market fragmentation problem and in the development of a reliable yield curve in our market.