Describing policy in terms of time could also risk limiting the Committee’s flexibility to respond to the data if we continue to see an improving economy. Instead, I believe we should describe how we will respond to the data; that is, we should describe a reaction function. I frequently consider such reaction functions as I think about policy.
BIS Review 107/2006  7  First, innovations in electronic trading and in back-office systems have resulted in lower trading costs and increased price transparency and competition, and, in the end, resulted in greater liquidity. Debt and equity markets have seen sharp rises in turnover.