BIS central bankers’ speeches  3  consistent with medium-term price stability without the need for constant comment and intervention from the Bank. We try to facilitate this understanding by presenting a description of key judgements and alternative scenarios in our Monetary Policy Statements.
The labor force participation rate remains below most estimates of its underlying trend, and an unusually large number of people are working part time but would prefer to work full time. Moreover, nominal wage growth has remained subdued. Real wage growth has also been subdued, possibly reflecting the low rates of productivity growth in the United States economy during recent years.