And in fact monetary conditions just prior to the release of the June quarter GDP numbers on 25 September were not zero but -290. We issued a ‘that’s about far enough for the moment’ statement on 7 October, by which time conditions had reached -370.
To repeat, the real issue is not whether our quarterly projections were correct, but rather whether those projections were reasonable in the light of the data available to us at that time, and whether our response in terms of sanctioning easier monetary conditions was appropriate as new data emerged.