Some of you will doubtless still recall that the current global regulatory framework for derivatives trading is a direct result of the last financial market crisis.
While there was already a slight narrowing in the December 2020 projections (the end-of-horizon projected inflation rate increased from 1.3 per cent to 1.4 per cent), the improvements in the September 2021 and December 2021 projection rounds (to 1.5 per cent and 1.8 per cent respectively) warranted a more substantial reduction in the pace of purchases in the last quarter of 2021 and the first quarter of 2022.