7 Moreover, recalling that algorithmic trading strategies for block trades are designed to reduce their  4  See Table 2 in Chaboud, A., B. Chiquoine, E. Hjalmarsson, and C. Vega, 2009, “Rise of the Machines: Algorithmic Trading in the Foreign Exchange Market,” Board of Governors of the Federal Reserve System, International Finance Discussion Papers, No. 980.
If our assumptions and baseline scenario continue to be confirmed, it will remain warranted to further withdraw monetary accommodation. Indeed, acting in a firm and timely manner remains essential to ensuring price stability over the medium term. The Governing Council will therefore exercise strong vigilance.