This success allowed us to focus on our macroeconomic objectives of price stability and maximum employment when setting the policy rate at our March FOMC meeting. Against this backdrop, the FOMC raised the policy rate 25 basis points without causing significant stress to the financial system. To date, that decision has been validated.
However, when authorities and economic entities make decisions, it is my view that they should pay due attention to various factors, such as these structural changes that may not necessarily be evident from economic models, and continue to examine what needs to be done at the time. 10