While some of these elements of inflation targeting feel like they have been flipped around, we believe that some core elements of inflation dynamics have remained just the same. In particular, our assessment is that monetary policy is still effective in influencing inflation in New Zealand, through a number of channels.
This is one of the factors that motivates our continuing determination to set policy, whether with conventional tools or unconventional tools, to achieve our dual mandate of price stability and maximum sustainable employment. Kia ora tātou. Thank you.