We have tried to encapsulate the two changes taken together as a return to “neutrality” from a position that was clearly expansionary. Of course, there will always be considerable measurement uncertainties about the term neutrality - perhaps we should have referred to a return to the “neutral zone”.
Be that as it may, if you do not have some idea of the concept of neutrality, you run the dual risk of: •  being late by not changing monetary policy until overheating has actually occurred (or, in the opposite direction, until a recession is staring you in the face);  •  then being forced into a large and abrupt adjustment to recover the situation.