Nor does it mean that the Bank will necessarily deliver a precise outcome as the economy is constantly experiencing shocks and disturbances that policy may need to counter or accommodate. Having the scope to amend policy settings, however, is a key strength of the monetary policy regime.
In response to these developments, the Bank will review and, if necessary, revise its policy settings to meet its price stability objectives. The time path of inflation may change as monetary policy is recalibrated, but the overall goal of meeting the specifications of the PTA will remain the central focus of policy. 4.