Rather, I see it as a social choice problem that can only be resolved through a collective decision by Americans. But let me stipulate, for the purposes of this discussion, that Americans are collectively willing to give up leisure and consumption so as to generate a higher path for future economic activity.
Monetary policy stance Just this afternoon, in our latest monetary policy assessment, the BSP maintained its key policy rate steady at 3.0 percent for the overnight borrowing or reverse repurchase (RRP) facility. Corresponding rates on overnight and deposit facilities were also kept unchanged.