Incidentally, when you look at the [inflation figures in the] past 12 months or so [since January 2022], there were only three months (February 2022, December 2022, and February 2023) when the month-on-month (m-o-m) change [in inflation] was lower than 0.4 percent. Of course, 0.4 percent [m-o-m inflation] is about 5.0 percent [once] annualized.
The U.S. proposals also included other divergences to adapt the international framework to the unique aspects of the U.S. banking system, to address issues raised through the earlier public comment process, and to ensure a safe and sound transition to Basel II. But many emphasized the need for less variance in Basel II across countries.