Providing routine forward guidance in such a setting would not, in my view, enhance our credibility. Rather, it would put it at risk. We have taken many steps to be more transparent about our decision making. We explain in detail the reasons for our interest rate decisions, both in statements following the publication of our MPR and in our economic progress report speeches.
Ordinarily, currency depreciation is accompanied by a rise in the dollar prices of our imported goods and services, because foreign exporters seek to avoid price declines in their own currencies, which would otherwise result from the fall in the foreign exchange value of the dollar.