The answers to these questions are relevant for our understanding of why the “party lasted for so long” and why some party (that is, market) participants kept on dancing until the very end, until the music finally stopped playing. A number of reasons can help explain the observed behaviour.
In this context, let me remind you of the conditional nature of these projections, which are based on a series of technical assumptions, including assumptions for future short and long-term interest rates that are based on market expectations derived from the yield curve, as well as assumptions for oil and non-energy commodity prices.