If this development continues and is sustainable, we will be one step closer to normalising monetary policy. While there is currently no doubt that an expansionary monetary policy stance is appropriate, 11 / 13  BIS central bankers' speeches  there are many different views on just how accommodative monetary policy should be and which instruments should be used.
33 Consistent with the inflation framework I have outlined, the medians of the projections provided by FOMC participants at our recent meeting show inflation gradually moving back to 2 percent, accompanied by a temporary decline in unemployment slightly below the median estimate of the rate expected to prevail in the longer run.