In April, the Bank published a half-yearly report  2  BIS Review 87/2001  called "Outlook and Risk Assessment of the Economy and Prices" which showed relatively harsh outlook at that point. But our views today are even more cautious than in April. The "baseline scenario" we had in April was as follows.
As is well known from the research literature, makeup strategies, in general, are not time consistent because when the time comes to push inflation above 2 percent, conditions at that time will not justify that action.