Others have sought to increase our understanding of the potential implications of the build-up of market positions and price trends in particular markets; examples of this effort are the more timely international banking statistics provided by the BIS.
The nature of these transitions and the risks around them are likely to define the future policy environment. Today I plan to examine these transitions and then discuss some of their possible implications for the strategy of monetary policy. I should emphasize that these are my own thoughts and views; I am not speaking for my colleagues on the Federal Open Market Committee.