I very much look forward to continuing this fruitful transatlantic dialogue that is so beneficial to us all. Thank you very much for your attention. 4  BIS Review 37/2007
By more normal we mean within the range we consider for a neutral rate of interest that neither stimulates nor weighs on the economy. We estimate this rate to be between 2% and 3%. Two weeks ago, we raised the policy rate to 1%, still well below neutral. This is also below the pre-pandemic policy rate of 1.75%.