23 In his book, Bernanke describes it as follows: after the June FOMC meeting, investors’ “conclusion, despite the  plain meaning of what I had said at the press conference, was that we were signaling an earlier increase in our federal funds rate target. They sold their Treasury securities and mortgage-backed securities, driving up longerterm interest rates.” 24 Stein, Yield-Oriented Investors and the Monetary Transmission Mechanism, September 26, 2013. 25 This description is drawn from Soros, Fallibility, Reflexivity, and the Human Uncertainty Principle , Journal of  Economic Methodology, January 2014. 15 / 15  BIS central bankers' speeches
Eddie Yue: Financial markets in Asia - turning challenges into opportunities Speech by Mr Eddie Yue, Deputy Chief Executive of the Hong Kong Monetary Authority, at the International Swaps and Derivatives Association (ISDA) 34th Annual General Meeting, Hong Kong, 10 April 2019. * * * Thank you for inviting me to speak at the ISDA Annual General Meeting. For those of you coming from overseas, let me welcome you to Hong Kong and the very dynamic Asian region. By now, I hope you have experienced and enjoyed the vibrancy of the city. Indeed, this same vibrancy runs through Asia, which has got strong economic momentum with a promising outlook. But as central bankers, our job is to be on the lookout for future challenges and how to overcome them. So today I’d like to start by outlining two near-term risks on my radar screen, and then discuss two longer-term challenges for Asia. I would then offer some thoughts on how financial sector developments, including a lot of the efforts that ISDA has been involved in, can help overcome these challenges. Challenges for the Asian Economies Asia has seen remarkable economic growth over the past several decades – its GDP, on a purchasing power-adjusted basis, now accounts for more than 44 percent of global output, up from just 30 percent in year 2000. Living standards have improved dramatically, and per capital income has more than tripled over this period.