Tensions intensified not only in securities markets but also in bank loan markets, and this caused concerns about a potential adverse feedback loop between financial and economic activity, whereby deterioration in financial activity worsens economic activity, and financial and economic activity amplify the adverse effects on each other.
Guy Debelle: The Global Code of Conduct for the Foreign Exchange Market Opening remarks by Mr Guy Debelle, Deputy Governor of the Reserve Bank of Australia, at the CLS FX Industry Reception, Sydney, 30 January 2017.