It remains to be seen whether the uncertainty is increased in a more permanent fashion. [SLIDE 14] Monetary policy transmission to the real economy… Monetary policy transmission to the real economy is improving The expanded asset purchases began only at the beginning of March.
The full impact of our measures, especially if accompanied by firm actions by other policymakers, will be seen in the months and years ahead. While we have already seen a substantial effect from our measures on bond yields and asset prices, what ultimately matters is when there is an equivalent effect on investment, consumption and inflation.