1/4  BIS central bankers' speeches  We ran a backward test over a ten-year horizon before implementing the new strategy and found that the new portfolio would have had both higher returns and lower volatility than the previous one.
3 This decision is the culmination of discussions that we had over the previous four meetings about our operating framework and reflects our desire to converge to a balance sheet that is no larger than it needs to be to conduct 1/2  BIS central bankers' speeches  monetary policy efficiently and effectively.