Their citizens respond to changes in policy preferences, financial conditions, and global forces. Central bankers must seek a better understanding of an economy's changing fundamentals, distilling lessons learned and aspiring to reduce monetary policy to a science. In the interim, the art of monetary policy rightly will predominate.
People tend to believe without doubt that what has continued over a long period will stay as it is, but we should be mindful of the fact that confidence in the stability in the government securities market is only maintained by people’s will to adopt such a stance.