First, in order to ensure consistency, it was the practice for only the Governor of the Bank to address public gatherings on monetary policy.
Asset price increases often initially reflect improving fundamentals and may only subtly and gradually change into reflections of speculative excess. Prior to the peak of housing prices, interest rates were low, making mortgage payments affordable; real incomes were rising; population was growing; and household formation was high – all “fundamental” determinants of the demand for housing and house prices.