Silvana Tenreyro responded to a Centre for Macroeconomics survey question: “When housing-related risk is deemed excessive from the viewpoint of financial stability, do you agree that the correct response is to deploy macro-prudential tools, leaving interest rates focused on the needs of inflation…?” with great confidence that she strongly agreed, noting that “Unlike interest rate policy, macro prudential tools can be effectively tailored to address the specific risks faced by the housing market.” Of course, the question itself was loaded towards such a response. A better question would have been: “The UK, with other EEA countries, is now producing quarterly indices of owner-occupied housing with the intent of incorporating an OOH component in the HICP. This would make the UK CPI sensitive to house price changes and imply that interest rates would be hiked in response to house price surges. Do you favour such a change?”