The current understanding falls in the range approximately between 0 and 2 percent, with most Policy Board members' median figures at around 1 percent. BIS Review 95/2008  5  The second important element is to communicate the assessment of not only the current situation of the economy and prices but also their outlook.
This is because it takes some time for monetary policy to actually affect economic activity and prices. In addition, since the outlook for economic activity and prices always entails uncertainties, it is necessary, when communicating it, to not only present a single scenario, but also to clarify the risks that might result in an upside or downside deviation.