Both of these options face obvious political difficulties – few of us like paying tolls or giving up part of a financial benefit that a piece of infrastructure might give us. So, I do not want to underestimate the challenge.
In the forthcoming meetings, a further progressive normalisation of policy rates will be appropriate in order to converge to the estimated equilibrium interest rates, as we transition to a meeting-by-meeting approach. Both the timing and the pace of moves will depend on the evolution of our assessment with respect to inflation risks. Supply-side and war-related disruptions may persist.