Preliminary, provisional, subject to revision, condition-dependent forecast I just sought to describe the challenges in conducting monetary policy in this environment. That should caution us to steer clear of ironclad policy prescriptions.
Nonetheless, I would hazard the view that prudent risk management suggests that policy will likely need to begin normalization before it is obvious that it is necessary, possibly with greater force than is customary, and taking proper account of the policies being instituted by other authorities. Allow me to elaborate on each of these three items.