What interpretation should one assign to it in current circumstances? To be sure, our forward guidance does not promise irresponsibility! Our purpose was not to communicate a suspension – even temporarily – of our strategy. Quite the opposite: it was a sharp and definite pronouncement to reassert it. Why did we feel it was necessary to reassert our strategy?
Because, starting in May and with increased intensity in the month of June, we perceived that expectations regarding the stance of monetary policy and its evolution had become somehow detached from our assessment of the state of the economy and our monetary policy inclinations, given that assessment.