commission. until coming to the decision to publish them, researches and tests have been constantly carried out on the developments, suggested by these indicators and later on verified by the statistics of the instat. the compliance degree of the tendencies from both sources is assessed as statistically significant, thus making them useful. various methodologies and empirical findings have been introduced in technical round tables, and in working papers and articles compiled by the bank ’ s experts. for more than four years, the results revealed by these indicators have been more and more taken into consideration by bank of albania ’ s decision - making, thus contributing to the building of inflation expectations indicator. they provide preliminary information on expected producer price performance, an important link for the price - setting process in the economy. consumption and savings tendencies of the population are revealed through relevant indicators. in conclusion, the economic sentiment indicator combines the businesses ’ and consumers ’ opinions, giving hints of the economic prospects in the short run. i would like to speak at length about the importance and informational utility of the confidence and the foregoing indicators. but, i would rather emphasize the respect the users should pay to such indicators, opting for being oriented to the large information flow through them. i regard this only as the beginning of a comprehensible and transparent cooperation. to this end, other special meetings and activities will follow, enriching various groups of interest with knowledge on business confidence or tendency indicators. i have confidence in the added values they will bring to users ’ analyses. but, i advise and require of users, researchers, economic journalists of written and electronic media, students and pupils, businesses and consumers and the broad public, to rightly understand these indicators, before using them. these tendencies have resulted from businesses ’ and consumers ’ opinions and do not constitute the official stance of the bank of albania. the bank of albania has built them on the basis of an advanced methodology. it has made use of the information obtained from interviewed businesses and consumers and it has confidence in their qualitative assessments and in those indicators. their publication enhances the public transparency and makes the decision - making process more comprehensible. it is up to users to decide whether to use these indicators or not. i assure you that experts from the bank of albania will stand by the users, making them wellinformed, highlighting that further improvements will be made in this area. thank you for your attention!

2021 monetary policy during covid | speeches | rba the 3 - year yield target has helped anchor the australian yield curve and has had significant traction in lowering borrowing rates for households and businesses, together with the other policy measures adopted. it has also helped reinforce the rba's forward guidance regarding the cash rate. it is appropriate to characterise the policy as a yield target not yield curve control. the rba is targeting one particular yield on the curve, not trying to control the curve as a whole. i will come back to this when talking about the bond purchase program. to maintain this target, the rba has conducted auctions to buy the 3 - year target bond when the yield has moved above the target in a material and sustained way. such purchases have been necessary on relatively few occasions. much of the time, the market has had sufficient confidence in the sustainability of the target that the yield has been anchored close to the target, which was 25 basis points from march to november 2020, and then 10 basis points ( graph 5 ). graph 5 three - year australian government bond yield * % % 0. 75 0. 75 target introduced 0. 50 0. 50 target lowered 0. 25 0. 25 0. 00 0. 00 n d j f m a m j j a s o n d j f m a m * three - year yield target bond is the april 2023 treasury bond until 20 october 2020, and the april 2024 treasury bond thereafter sources : rba ; yieldbroker initially the target was for the april 2023 bond maturity. subsequently the target was changed to the april 2024 maturity when it became the closest bond maturity to the 3 - year horizon. [ 7 ] in march 2021, the board agreed that it would not consider removing the yield target completely or changing the target yield of 10 basis points when reviewing the yield target bond later in the year. if the board were to maintain the april 2024 bond as the target bond, rather than move to the next bond https : / / www. rba. gov. au / speeches / 2021 / sp - dg - 2021 - 05 - 06. html 9 / 26 5 / 6 / 2021 monetary policy during covid | speeches | rba maturity that becomes closest to the 3 - year horizon, the maturity of the target would gradually decline until the bond finally matured in april 2024. the board will consider whether to extend the target to the next maturity at the july meeting. in