The answer, as so often in economic matters, is “it depends”. Our Statement projects some need for monetary policy to become restrictive, to apply the brakes, over the next year or two. But at this stage this seems likely to involve a rather milder tightening in monetary conditions than has been the case historically.
Not so much by the content, not so much by the context, but by the fact that Dr. Patel chose to say it at all. Because in the time that Dr. Patel wrote this communication by central banks was an oxymoron.