The past decade of underperformance on our inflation target highlights that reaching 2 percent inflation will require patience, and we have pledged to hold the policy rate in its current range until not only has inflation risen to 2 percent but it is also on track to moderately exceed 2 percent for some time. Of course, we will be vigilant in parsing the data.
Given the path of inflation to date, our 3/4  BIS central bankers' speeches  framework calls for inflation moderately above 2 percent for some time.