Specifically, our projections for growth in real GDP prepared for the meeting had a central tendency of 1.9 to 2.4 percent for this year and 2.2 to 2.8 percent for 2013.1 These forecasts are lower than those we made in January, reflecting the generally disappointing tone of the recent incoming data.
Indeed, in that sense, creating an independent central bank appears to be a good thing all round. The reason for this is that monetary policy-making under the influence of politicians tends to focus too much on short-term considerations.