Still, even though the transmission of our monetary policy to financial conditions has proceeded well, the transmission of financial conditions to inflation has taken longer than we anticipated due to new forces that have pulled in the other direction, in particular in the global economy. In addition, other factors in the economy continue to drag on the recovery.
•  The FSB is working to have the hedge fund industry bodies bring forward proposals for high quality global best practice standards for hedge fund managers. These are now expected in May. The various interested bodies will assess their adequacy and report in the fall.