The Board wanted to make sure that financial conditions would move to a clearly easier position than they had been when the cash rate had previously been lowered, five  2  2  Indeed, Rees and Kulish (2015 RDP) suggest that households behaved as if much of the shock was temporary. BIS central bankers’ speeches  months earlier.
So, in other words, if you say we’re going to maintain this stock at roughly 2.5 trillion, and you’re reinvesting, that is not a tightening because you’re basically saying we have loosened conditions so much, we want to maintain this super-easy monetary policy. So it wasn’t a tightening move at all. Tightening would be to do balance sheet contraction plus lifting policy rates.