This is reflected in the fact that the recent recovery, instead of being compared to stronger previous cyclical recoveries, is compared to the worst phases of the cycle - the declining output towards the end of 2002 and the first half of 2003.
However, it is important to emphasize that a modification of the forward guidance should not  2  BIS central bankers’ speeches  be read as indicating that the Committee will necessarily increase the target range in a couple of meetings.