10 And we were still purchasing assets at the same pace we had earlier in the year, although we did announce in November 2021 that we would start slowing the pace of our purchases in December.
11 With the benefit of hindsight, one might ask whether we would have moved sooner to remove monetary policy accommodation if we hadn't been so explicit about our forward guidance in prior months-particularly forward guidance that had set such a high bar for slowing our asset purchases and starting to raise rates.