However, an ample degree of monetary stimulus remains necessary in order for underlying inflation pressures to continue to build-up and support headline inflation over the medium-term.
The recalibration of our asset purchases reflects growing hope in the gradual convergence of inflation towards our inflation objective, on account of the increasingly robust and broad-based economic expansion, an uptick in measures of underlying inflation and the continued effective pass-through of our policy measures to the financing conditions and the real economy.