The Bank projects that this rate will moderate only slightly over the medium term. We view the sharp increases in household savings as  2  Residential investment accounted for roughly 14 per cent of GDP growth from 2003 to 2005, inclusive. Subprime mortgages accounted for 20 per cent of new mortgage originations in 2005 and more than 22 per cent in 2006.
The tools that the Federal Reserve is using under its 13(3) authority are appropriately reserved for times of emergency. When this crisis is behind us, we will put them away. The June Monetary Policy Report reviews the implications of these tools for the Federal Reserve’s 2/3  BIS central bankers' speeches  balance sheet.