But this month’s decision is not based only on this month’s information. The fact that the data available last month did not elicit a change in policy then does not mean that those data do not count in this month’s or next month’s decisions.
On the contrary, the accumulation of information over many months remains relevant to each decision, and it is quite possible for a decision to move rates to be made after only a relatively small further strengthening in a case which had already been building for some time.