The asymmetric directive reflected a view that the risks in this environment were asymmetric, that there was a greater risk that inflation would rise in response to the prevailing high utilization rate (and to still higher utilization rates if growth continued above-trend growth) than that the economy would slow to below trend growth.
The asymmetric policy posture was, therefore, a reflection of concern that our forecast might be wrong and that if it were wrong it was more likely to underestimate inflation going forward. What was different in March, compared to this earlier period? Not utilization rates.