UK and US short-term interest rates rose a little during the review period. Euro-area short-term interest rates declined in response to growing expectations among market participants that the European Central Bank (ECB) would loosen monetary policy at its June meeting (after the end of the review period). In the event, the ECB announced a number of easing measures. The volatility of financial markets implied by derivatives prices remained low. Some contacts suggested that this reflected reduced uncertainty around the path of monetary policy and output growth. UK and US ten-year government bond yields were largely unchanged over the review period, as rises in short-term interest rates were broadly offset by lower forward rates. The majority of advanced-economy risky asset prices increased over the review period and were broadly unaffected by tensions between Ukraine and Russia or other global events.