Under current circumstances, particular caution is required in assessing any potential impact of recent financial market developments on the real economy. Before drawing further monetary policy conclusions, the Governing Council deems it necessary to gather additional information and carefully examine all new data.
We have created a new digital economy team that focuses on how automation is unfolding and affecting the economy, including inflation dynamics and the transmission of monetary policy. We are reviewing the measurement issues that are exacerbated by the proliferation of digital and services-oriented technologies.11 We are also developing our macroeconomic models to better account for changes in the distribution of income and wealth.