Our actions to support liquidity in markets are guided by principles:   lending to support liquidity should reduce moral hazard;    interventions should be graduated, targeted, well-designed and created to prevent further market distortions.
Triggers to shifts in policy stance You must have heard me say this on a number of occasions already. But you may ask, what would cause us to change the stance of policy? My answer to that would be: our next move would be data dependent. Which then begs the question, what data are we looking at? Data dependence sounds almost trite.