1  For details, see Box 1 through Box 7 in the Bank's July 2018 Outlook Report. 4  II. Conduct of Monetary Policy Let me first explain the Bank's current monetary policy framework, including the decision made in the July 2018 Monetary Policy Meeting (MPM).
Notes: 1. Figures in brackets indicate the medians of the Policy Board members' forecasts (point estimates). 2. The forecasts of the majority of the Policy Board members are constructed as follows: each Policy Board member's forecast takes the form of a point estimate -- namely, the figure to which he or she attaches the highest probability of realization.