(i)  Monetary policy – to pause or not to pause  20. As all of you know, in calibrating the exit from the expansionary monetary stance of the crisis period, the Reserve Bank has been struggling with the growth-inflation dynamics  BIS central bankers’ speeches  3  over the last one year.
On the basis of current futures prices for oil, headline inflation is likely to decline further over the coming months. Measures of underlying inflation remain generally muted, but labour cost pressures are continuing to strengthen and 1/2  BIS central bankers' speeches  broaden amid high levels of capacity utilisation and tightening labour markets.