It means that central banks are in a position to modify their perspectives and policies as new analysis and data becomes available. In the end, judgement is inevitably involved in balancing a range of risks and uncertainties. Some of these lie beyond the influence of the central bank, while others can be addressed or moderated through monetary policy.
Policy decisions inevitably involve reflection and pragmatism in managing different trade-offs. We remain committed to the inflation goals in the Policy Targets Agreement.