We also noted that we would be paying close attention to global economic and financial developments and assessing their implications for the outlook. In January, with inflation pressures muted, the FOMC determined that the cumulative effects of these developments, along with ongoing government policy uncertainty, warranted taking a patient approach with regard to future policy changes.
2  Those who attend the Monetary Policy Forums of the South African Reserve Bank (SARB) will have heard requests, indeed demands, for such interventions at various times. BIS Review 67/2009  1  Logically, therefore, if monetary policy is to provide a stable background for the economy, it must do so by deliberately employing its powers to that end. 3.