2  BIS Review 156/2008  disappearance of an impact of actual inflation outcomes on agents’ expectations, which is a clear indication of the credibility of our price stability objective. I briefly elaborate on both issues.
The presumption against taking a surprise move, in timing or magnitude, should be strong, but it is a rebuttable presumption. The challenge is to weigh the good that comes from taking a move that a rapidly evolving situation appears to call for against the cost of a diminished sense of regularity in the policy process, which should be the norm in supporting transparency.