Does this mean a burst is on the cards, or does it suggest selling pressure (both short and closing longs) may exert an influence at a more gradual pace?
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Therefore, we believe that markets will shift the expected floor for the Selic rate down to 8.5% and price a scenario in which the Central Bank continues to ease at a more gradual pace.
While bank lending continues to contract, financial market conditions remain supportive of economic growth and the FOMC expects a gradual, moderate pace of recovery.
Western friends of reform in Russia should be under no illusion: The rationale for such an arrangement is not that it will ultimately produce the transformation of political and economic affairs in the former Soviet Union -- only on a more gradual, less tumultuous pace than originally envisioned by Yeltsin and his first administration led by Yegor Gaidar.
The gradual appreciation of the yuan against the U.S. dollar may also have added to concern among exporters, theoretically making Chinese products less attractive, though its pace has been gradual (barely more than 5 percent against the U.S. dollar in one year).
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However, the pace of deflation already gripping Japan makes the gradual scenario less likely by the day.
"Economic growth is moderating from its quite-strong pace earlier this year, partly reflecting a gradual cooling of the housing market, " the Fed said.
And I wonder if you could also talk about the pace of withdrawal, whether you see something more gradual or speedier.
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The government is hoping that these measures, alongwith a gradual easing in monetary policy, will stimulate the economy, which is growing at its weakest pace in a decade.
"Nonetheless, the Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability, although the pace of economic recovery is likely to be more modest in the near term than had been anticipated, " the FOMC says.
Although the pace of economic recovery is likely to be moderate for a time the Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability.
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