For over a century now, commodity prices have been prone to mean reversion. There is no reason why this time it should be very different. 43. Admittedly, gains on the energy front will translate to gains on the inflation front only if other policies are managed intelligently.
And as members of this organization, many of you may also be dealing with the broader impacts of tightening fiscal and monetary policy on financial markets as part of your day job. So, I am particularly glad to have the chance to meet with you today to talk about the Bank's update on financial system stability.