Let me conclude by saying that I am an optimist, even though my remarks might not project that. As you know, we central bankers, by design, are overly cautious, and we are “worriers”. All things considered, EMEs have sailed through the global financial crisis relatively well, notwithstanding the bumpiness in the ride.
Economic outlook Monetary policy committees generally judge the costs and benefits of talking about the economic outlook much more favorably than discussing the path of rates. Of course markets can often infer from a discussion of the economy how the central bank thinks rates will evolve.