It is great to be here in person. Last year at this event, I discussed the Bank's Term Funding Facility (TFF). Today, I'm going to focus on the Bank's bond purchase program. At its meeting earlier this month, as well as raising the cash rate target, the Board decided not to reinvest the proceeds from bonds as they mature from the Bank's portfolio. This signals the next phase in the bond purchase program. The initial phase in which the Bank built up its stock of bond holdings is often referred to as ‘quantitative easing’, or QE for short. That phase ended in February this year. We have now entered the phase known as ... (full story)