For other countries the nominal exchange rate may matter because changes in the nominal rate also lead to (partially or wholly temporary) changes in the real exchange rate and thus in net exports, which are targets of policy.
In particular, we will have a better sense of two key developments. First, the sensitivity of the economy to the significant adjustment in financing conditions that is already under way, so we can gauge whether the pace at which we are withdrawing accommodation is appropriate. We have already seen a material increase in nominal yields and real rates in recent months.