When looked at this way, how far behind the curve could we have possibly been if, using forward guidance, one views rate hikes effectively beginning in September 2021?
This may also be  Side 5 af 7  unfortunate from a systemic perspective, if pension funds are less able to play a stabilising role in periods of market stress. As a central banker, I am not – as many of you – burdened with promises of delivering certain levels of return to pension scheme members.