The latest observations are for 18 June 2020. The macroeconomic impact of our monetary policy measures By easing the financial conditions faced by firms and households, our monetary policy package provides crucial support to the real economy. In broad terms, this support works along two dimensions: by (i) underpinning medium-term growth and inflation developments and (ii) reducing tail risks around our baseline scenario.
With regard to the first dimension, more favourable financial conditions help to mitigate the negative impact of the COVID-19 shock on consumer expenditure and business investment. Monetary policy typically operates with transmission lags.