Slightly less trivially, however complex and misunderstood the mechanisms that generate seasonal, cyclical and secular variations in V may be, and however controversial the definitions of income (or transactions) and money, the fact remains that PY=MV is, conceptually, an identity. The problem arises when we want to derive a theory and a prescription for economic policy from this identity.
Of course, whether the Committee would take action to address a persistent deviation from its inflation objective would depend on the circumstances--and, in particular, on the outlook for employment and inflation and an assessment of the likely lags in the effects of monetary policy.