At the same time, a central bank which allows itself too much discretion over the time horizon when inflation should return to its target would de facto be claiming authority over redefining its monetary policy objective. This would be manifestly inappropriate, probably illegitimate.
Here, recent data have 1/2  BIS central bankers' speeches  been reassuring. Inflation measures, including our various core measures, have been behaving very much as forecast and are consistent with an economy that is operating with very little slack. This gives us increased confidence that our inflation models are working well.