It can sometimes produce idiosyncratic results as, for instance, in reaction to the announcement of the government's borrowing programme or even interest rate changes by systemically important central banks. Even shifts in international crude prices send them into a frenzy and as a result, the risk of transmission losses for domestic monetary policy rises.
In the past few years, the global economy has enjoyed low inflation and robust growth. This is an experience to which policymakers of all varieties have contributed. But today I am not going to address the prospects for the global economy to extend that progress in the near term.