[3]  A model in which sectoral factors influence aggregate inflation is explored in di Giovanni J, S Kalemli-Özcan, A Silva and M Yildirim (2022), ‘Global Supply Chain Pressures, International Trade, and Inflation’, ECB Forum on Central Banking, June. [4]  See Bank for International Settlements (2022), ‘Inflation: A look Under the Hood’, Annual Economic Report, June.
Graph 7  Fixed-rate Housing Credit Proportion of total outstanding housing credit; by residual term % % More than 3 years 2-3 years Less than 2 years  30  30  20  20  10  10  0  S  D  M  2019  J  S 2020  D  M  J  0  2021  Sources: APRA; RBA  The bond purchase program has also led to an easing in financial conditions by contributing to lower yields beyond the 3-year mark.