A sharp bounce-back in jobs is unlikely and it will take time to return to where we were before the pandemic. We have responded to this clearer picture today. The second factor is that monetary easing is likely to get more traction today than it would have when widespread restrictions were in place.
In earlier months, the usual transmission 3/5  BIS central bankers' speeches  mechanisms were not working as normal and the challenges facing the country were best addressed by other policy tools.