Nonetheless, the size of the monetary base expanded under the CME and currently exceeds 26 percent of GDP – higher than those of the United States (17 percent of GDP) and the euro area (18 percent of GDP). In the current very accommodative monetary environment, domestic financial markets have remained favorable. In the money market, the overnight call rate remains at extremely low levels.
Beginning soon, the Federal Open Market Committee (FOMC) will devote time at its regular meetings to assess the lessons from these events, supported by analysis by staff from around the Federal Reserve System. We will publicly report the conclusions of our discussions, likely during the first half of next year.