After weighing these considerations, it is our judgment at this time that the risks around achieving our inflation objective over a reasonable time frame are roughly balanced. Accordingly, we believe that the current level of monetary stimulus remains appropriate.
Just as our analysis of the economic forces has been evolving with events as they transpire, so is the way we conduct monetary policy adapting in real time to the changing environment. There is now particular emphasis on the incorporation of uncertainty into policy decision making. We published a discussion paper on the subject earlier this month.