Private consumption has been increasing moderately in the face of a termination of  2  BIS central bankers’ speeches  tax cuts at the beginning of the year. The housing market has entered a recovery process, albeit still at a low level, and housing investment has been improving despite the effect of an increase in mortgage rates.
I am the first to serve in this capacity, and I strongly believe that our economic and financial system is strengthened when we consider the implications of our regulatory decisions for bankers on Main Street as well as on Wall Street. I approach our monetary policy deliberations in a similar way.