For example, higher oil prices cut into household purchasing power, and the tragedy in Japan is leading to supply disruptions that may dampen growth somewhat in the near-term. Also, conditions in  BIS central bankers’ speeches  3  Japan, the Middle East and North Africa remain uncertain and could worsen, with negative implications for global economic growth. Furthermore, we cannot ignore the risks stemming from the longer-term fiscal challenges that we face in the United States. But in the near-term, the most immediate domestic problems may recede rather than become more prevalent. On the housing side, stronger job growth should lead to more household formation. For example, more young people will be able to move out of their parents’ homes when they get jobs. This trend should provide more support to housing demand. On the state and local side, a rising economy would boost sales and income tax revenue, and help narrow near-term fiscal shortfalls. We also need to remain watchful to ensure that low interest rates do not foster a buildup of financial excesses or bubbles that might pose a medium-term risk to both full employment and price stability. In this regard we monitor interest rates on risky and safer assets. An unusual narrowing of these differences could signal that risk is not being appropriately assessed. These differentials for risk on U.S. assets in general do not seem obviously compressed today. On the inflation side of the ledger, the risk of deflation is greatly diminished.
For Kabwe Municipal Council, the main accountability and responsibility will be to maintain and preserve the tree and its surroundings to ensure that the area is well protected and cleaned. The Bank has also worked closely with Zambia Electricity Supply Corporation (ZESCO) who have kindly facilitated the provision of power to enable us light the MUKUYU TREE on a continuous basis. We have also worked closely with the National Heritage Conservation Commission whose input has been invaluable in providing insight into the history and status of the MUKUYU TREE as a national heritage site. On behalf of the Bank of Zambia Board of Directors, senior management and staff and indeed on my own behalf I wish to thank all our partners for the good cooperation and oneness of vision that has culminated in the commemoration and re-launch of the MUKUYU TREE today. Distinguished Guests Before I conclude my speech, I wish to pose a challenge to the general members of the public and in particular to the people invited to grace this occasion today. The MUKUYU TREE has been identified and depicted as a national monument under the Laws of Zambia. By this assignment the tree belongs to all ZAMBIANS, young and old alike. My challenge to you all is to cherish it and preserve it.