Thoughtful people also understand that the way to keep inflation and interest rates low on average is to be prepared to put rates up modestly, but promptly, when inflation pressures start to increase. Generally speaking, financial markets and most of the commentators apply a filter to the data, not dissimilar to the one we apply ourselves.
They respond to the ebbs and flows of the economy by pricing in, with varying degrees of probability, responses by monetary policy. To the extent that this minimises unnecessary surprises, which can be costly, and even does a little bit of policy’s job for it, these adjustments are helpful.