We will therefore act on (global) developments only to the extent that it alters the domestic inflation path. Our assessment now is that the current policy settings remain appropriate. Thus, we do not need to adjust in sync with the Fed’s rate hikes. The BSP also has a deeper policy toolkit now.
This includes: (i) macroprudential regulations that can be targeted to specific sources of risks, (ii) contingency measures such as liquidityenhancing facilities, and (iii) rediscounting windows and regional firewalls that boost the flexibility 3/4  BIS central bankers' speeches  and effectiveness of our actions. We intend to further refine these tools as appropriate.