Nevertheless, their most likely forecast remains for further rate increases.3 Graph 5  5 / 11  BIS central bankers' speeches  Central bank policy expectations have shifted elsewhere as well, although generally by less than in the United States (Graph 6). That difference is likely to have contributed to a depreciation of the US dollar after its trend appreciation last year.
It is an area where we are aiming to provide the sought-after guidance. But we are not writing a procedures manual for orderhandling. Rather we are articulating principles that need to be taken into account. Individual firms may then take these principles and reflect them in their own procedures manual.