Over the long term, it seems likely that we won't have the same disinflationary forces that we've had for the past 30 years. These potential developments could make it harder to bring inflation back to the 2% target and keep it there. But how much harder is very difficult to say. These are fundamental uncertainties we'll need to confront in the years ahead.
But by constantly focusing on achieving the 2% inflation target, our monetary policy framework is well designed to address uncertainty and adapt to new developments. If the inflationary forces going forward are stronger than we expect, we will start to see inflation coming in above our forecasts. And we will adjust our policy settings to achieve the 2% target.