In addition to promoting the steady development of the stock market, developing the inter-bank bond market provides us another effective way to reform the irrational financing structure. Thus, an improved financing structure is in great need and shall provide new opportunities for accelerating the inter-bank bond market development.
An increase in the target federal funds range likely will be warranted before the end of the year. Liftoff should occur when the expected return from raising the interest rate outweighs the expected costs of doing so. In deciding when that time has come, we will continue to monitor a wide range of information regarding labor market conditions, inflation, and financial and international developments.