There are costs as well as benefits to using this tool, and so we have decided that forward guidance will be reserved for times when we believe the benefits to its use are clear – periods of market stress, periods when traditional monetary policy tools are constrained, and so on.
Otherwise, we will let markets do their job, which is to deal with the daily flow of new information and grind out new pricing, without specific interest rate guidance from the Bank, but supported by the increased transparency around our outlook for inflation and the risks we are managing. And with that, Carolyn and I would be pleased to answer your questions.