In assessing this argument, we might find it useful to separate the question of whether the world is riskier from the question of whether systemic risk has risen.
•  Total CPI inflation declined to a trough of -0.9 per cent in the third quarter, reflecting large year-on-year drops in energy prices. Total CPI inflation should rise to 1.0 per cent this quarter, while the core rate of inflation is projected to reach its trough of 1.4 per cent during the same period.