These results have also been interpreted as signs of a growing scepticism about open markets and free trade. And indeed, calls for protectionist measures have been heard in many countries lately. 1/9  BIS central bankers' speeches  It is a fact that worldwide competition presents challenges for individuals and companies alike.
Having talked at some length about the broad conceptual framework underlying last week's FOMC announcement, I'd like to now turn to what it actually said. A key passage of the announcement read as follows: The Committee continues to believe that an accommodative stance of monetary policy, coupled with still-robust underlying growth in productivity, is providing important ongoing support to economic activity.