ECB (2022), "Monetary Policy decisions: Press release”, published 14 April, available at Monetary policy decisions (europa.eu). Federal Reserve (2022a), “Federal Reserve issues FOMC statement”, published on May 4, available at Federal Reserve Board - Federal Reserve issues FOMC statement. Federal Reserve (2022b), “Minutes of the Federal Open Market Committee March 15–16, 2022”, available at Minutes of the Federal Open Market Committee, March 15-16, 2022 (federalreserve.gov). Federal Reserve Bank of New York (2022), “The Global Dash for Cash: Why Sovereign Bond Market Functioning Varied across Jurisdictions in March 2020”, Staff Reports no. 1010, available at sr1010.pdf (newyorkfed.org) Federal Reserve Bank of St Louis (2019), “What Is Quantitative Tightening?”, available at What Is Quantitative Tightening? | St. Louis Fed (stlouisfed.org). 11 [19]  Forbes, K. (2021), ”Unwinding Monetary Stimulus in an Uneven Economy: Time for a New Playbook?”, speech at Jackson Hole, published on 27 August, available at Forbes_Unwinding_Stimulus_in_an_Uneven_Economy.pdf (kansascityfed.org). Forbes, K. (2022), “Central banks must reduce their balance sheets more aggressively”, debate article in the Financial Times, published on19 January, available at Central banks must reduce their balance sheets more aggressively | Financial Times (ft.com). Gustafsson, P. (2022), “An event study of the effects of asset purchases on financial prices during the pandemic”, Staff memo, March, Sveriges Riksbank, available at An event study of the effects of asset purchases on financial prices during the pandemic (riksbank.se). P. Gustafsson and T. von Brömsen (2021), “Coronavirus pandemic: The Riksbank's measures and financial developments during spring and summer 2020”, Economic Review, No.
Bank of France reports industrial output generally stabilized in May 1997 BANK OF FRANCE, MONTHLY BUSINESS SURVEY, 17/06/97. According to business leaders surveyed by the Banque de France, industrial output generally stabilized in May, following a sharp upturn in April. The automobile sector was the only one to register a decline, which was accentuated by calendar effects. The capacity utilization rate fell back slightly from one month to the next. Overall demand changed little. On the domestic market, inter-industry demand was less buoyant than in April, whereas foreign demand, boosted by the strength of the dollar and the pound sterling, remained firm. Orders continued to stream in from English-speaking, Asian and East European markets. Order books were considered to be at normal levels across the different sectors, and they appeared on the full side in the business equipment sector. Inventories, which fell back, now seem to be at the desired level. Over the coming months, industrial output is likely to advance appreciably in all sectors. The best performances are expected from the food-processing industry and the capital and intermediate goods sectors. Commodity prices edged up, notably in the food-processing and capital goods sectors. These increases were only partially passed on to finished product prices, which rose only in the food processing industry, while remaining unchanged for consumer and intermediate goods and dipping in the capital goods and automobile sectors.