However, as the unwinding of the Fed's various programs effectively constitutes a tightening of policy, the principal factor determining the timing and pace of that process will be the Committee's assessment of the condition of credit markets and the prospects for the economy.
We were particularly concerned about the binding remedial instruction to Parliament to set in motion a process to change the constitutional mandate of the SARB away from price stability. We challenged this remedial action, as well as the Public Protector’s other findings. The judgement, as you may know, went in our favour.