22  In fact, observation of the stress test results over time has given the banks--as well as analysts and other outside parties--a reasonable idea of the loss functions and other elements of the supervisory model. And the Federal Reserve has increased over time the amount of information it discloses about its stress test models.
This helps to shift the yield curve towards levels consistent with medium-term price stability without the  4  BIS central bankers’ speeches  constant need for comment from the Bank. The Bank’s approach to forward guidance is something I talked about in a speech earlier in the year. 10 Third, we regularly investigate what we can learn from our past judgements.