I would like to review these changes and then consider what they may tell us about the underlying processes driving inflation. One notable change is that movements in inflation now appear to tell us much less about future inflation than was the case, say, thirty years ago.
Thereafter, the speed limit for banks with lending in excess of $ million per month will apply to the average rate over rolling three-month windows, as originally proposed. However, we would expect the banks to modify their approach to issuing pre-approvals, in order to ensure that they fall within the 10 percent “speed limit” on an ongoing basis.