We shall soon have the pleasure of hearing our distinguished speaker, Professor Banerjee’s, thoughts on this subject. I am sure his lecture today will introduce us with something special on the topic, not only because of his extensive research on the subject but also because of candidness of his approach.
This suggests that investors have understood that higher inflation prospects will need to visibly migrate to the baseline scenario and be reflected in actual underlying inflation dynamics before they warrant a more fundamental reassessment of the medium-term inflation outlook, and hence the future course of monetary policy. Conclusion Let me conclude. Sovereign bond yields are at exceptionally low levels.