I would be very pleased if the data we receive on inflation and the labor market this month show signs of moderation, which would suggest that the February data releases  2/3  BIS - Central bankers' speeches  were just a bump in the road and that progress is continuing.
But wishful thinking is not a substitute for hard evidence, in the form of economic data. After seeing promising signs of progress, we cannot risk a revival of inflation. Policymakers must remain data dependent, so my view will depend on what the data say.