We also list the factors that could lead potential growth to be lower or higher within those ranges.xi I would like to stress that the Bank recognizes the difficulties associated with measuring potential and the related uncertainty, and so takes a deliberate and rigorous approach to managing this uncertainty. We work hard to ensure that our models evolve in line with prevailing best practices.
One interesting remark around the participation in the TAF is why banks would prefer to participate in the European USD auctions instead of obtaining the USD directly from the Fed via their TAF auctions. There are several possible explanations to this. First, and rather obvious, some European banks have no direct access to the Fed and its TAF auctions.