Nonetheless, at times of heightened uncertainty, monetary policy becomes highly data-dependent and also more sensitive to our assessment of the risks to the forecast. We have tried to communicate this data dependence and its implications.
We also include, in our MPC statements, the preferences of the different MPC members, which should help analysts to understand which decisions are finely poised and which are more straightforward. With a four-two spilt in July and a three-three divide in September, it should have been reasonably clear to observers that monetary policy was not on a predetermined course.