In parallel drawing from the lessons of the recent GFC for effective risk management of the Financial Market Infrastructure (FMI), the existing structures have been strengthened and consolidated by the Committee on Payment & Settlement System (CPSS) {now Committee on Payments & Market Infrastructure (CPMI)} and the Technical Committee of the International Organization of Securities Commission (IOSCO) by way of 24 Principles for the FMIs (PFMIs).
As I’m sure you all already know, the Federal Open Market Committee decided last week to raise the federal funds rate by 75 basis points, to a range of 2¼ to 2½ percent. I will share my reasoning for supporting this increase and why I support continued increases until inflation is on a consistent path to significantly decline.