Endnotes [*]  I would like to thank Emma Doherty, Ben Jackman and Emily Perry for their excellent assistance in helping to prepare these remarks. Indeed, I draw heavily on their work: Doherty, Jackman & Perry (forthcoming).
We use judgment to decide on a course of action, keeping in mind that the "ship" of the economy responds slowly to a change in the policy interest rate, and that there could be headwinds or tailwinds to deal with. And because we get monthly data on inflation and output, we can correct our course, if necessary, on subsequent policy interest rate announcement dates.