And despite the arguments to the contrary, I agree that the unconventional and extraordinary monetary policies adopted on both sides of the Atlantic have certainly been pivotal in calming the markets and preventing even worse sovereign debt dynamics –  2  BIS central bankers’ speeches  at least up until now.
Most participants also marked down their estimate of the longer-run normal federal funds rate, with the median now at 2.9 percent. However, as we have noted on many previous occasions, policy is not on a preset course.