The last time I spoke to a financial markets audience in person was in late-January at a conference in Sydney. I recall being struck at the time that I had never seen a conference organiser so happy to see me arrive at a venue. Turns out it was nothing personal.
We indicated that, once we begin to raise the policy rate, we will consider exiting the reinvestment phase and reducing the size of our balance sheet by allowing maturing bonds to roll off. Many of the factors that influenced our policy deliberations throughout the pandemic have come into sharper focus as we gain experience with a recession that is unlike any other.