In turn, this also serves to underpin the formation of inflation expectations in a manner that is consistent with meeting the medium-term inflation aim.
Looking beyond the immediate task, even once the disinflationary pressures caused by the pandemic have been sufficiently offset, the second challenge will be to ensure that the postpandemic monetary policy stance will deliver the timely and robust convergence of inflation to our medium-term aim. In this context, our in-progress strategy review will help to shape the future course of our monetary policy.