To understand the considerations that likely underlay these judgments, I will contrast participants’ assessments with the recommendations of some simple policy rules commonly used to help gauge the appropriate stance of policy.
It is expected to rise gradually to 2 per cent by the middle of 2012 as excess supply in  BIS central bankers’ speeches  1  the economy is slowly absorbed, labour compensation growth stays modest, productivity recovers, and inflation expectations remain well-anchored.