Before coming down somewhat, oil prices had surged again as markets were concerned about the impact of political tensions in the Middle East. Meanwhile, real GDP growth over the four quarters up to mid-2000 has proved to have been very strong.
As mentioned at our last meeting, some uncertainty about short-term growth dynamics stems from oil price developments, as is reflected in survey or confidence data. While these indicators have weakened somewhat in recent months, overall they remain at high levels and underlying forces for continued robust growth remain favourable. This is also reflected in little changed bond market developments.