This was valid criticism and these questions were relevant. With our trend growth rate, post-crisis, estimated at 8 per cent, the balance of policy stance would shift if growth fell consistently and substantially below that rate. But a shift in stance will also be a function of the behaviour of the external and internal drivers of inflation.
Some will no doubt argue that there should be no great surprise here because the Phillips Curve regularity between short-run movements in inflation and unemployment was long ago theoretically discredited and historically repudiated.