Nonetheless, as we have seen on a number of occasions, markets are susceptible to changes in sentiment. Thus far, negative developments stemming from changes in sentiment has generally been brief. However, sustained market moves could lead to a deterioration of growth prospects. Global imbalances and the unwinding of these remain a key concern.
My own personal forecast, which is also the forecast of our forecasting team, is that headline inflation will be closer to 3.0 percent than 4.0 percent by the fourth quarter of this year. And if we are lucky, it will happen in the last month of the third quarter.