In this environment our forecasts were for growth to slow in 2023. In line with this we were forecasting the unemployment rate to gradually increase over the forecast period. Inflation was forecast to peak at 7¾ per cent at the end of 2022 before gradually moving back to the top of the target band by the end of 2024.
During the financial crisis, investor runs on MMFs led to a disruption in the flow of finance to  BIS central bankers’ speeches  5  the real economy and necessitated dramatic interventions by public financial authorities.