At the same time, moving too slowly would mean a further accumulation of household debt and rising vulnerabilities, while moving too quickly could trigger the sort of 4/5  BIS central bankers' speeches  financial stability risk we are trying to avoid. As you can imagine, getting the path of monetary policy right involves a lot of judgment.
Bank staff have recently developed an important new way to evaluate these trade-offs and help inform this judgment, and we are publishing a staff analytical note today on this work. Briefly, the framework uses our models to calculate the risks to the economy associated with various hypothetical interest rate paths.