We would find ourselves behind the curve – and realise it – and we would have to adjust our forward guidance. This forward guidance was put in place to stabilise market expectations and to enhance the effectiveness of our asset purchases. We do so by indicating that interest rates will rise only when we are well past the horizon for asset purchases.
Prolonging asset purchases pushes out market expectations of a rate rise and pushes down interest rate expectations across the entire curve. Of course, the effectiveness of our forward guidance also relies on our credibility.