Those scenarios will come into better focus as we see new data, but it will be some time before we get back to our normal forecasting environment. Certainly, we will need to monitor and adjust for any structural damage judgmentally. Throughout, our inflation target is the anchor to our activities. Inflation targeting offers investors and households an anchor for the future.
It tells people that the Bank will work as hard as it can to get the economy stabilized and back on track, so as to prevent inflation from falling significantly below target for an extended period. It is that anchor and our independence from government that gives our lending programs the power to stabilize things.