Taken together, these give us a balanced outlook for inflation. We have not incorporated into our projection the risk of a significant shift toward more-protectionist trade policies in the United States, given the range of potential outcomes and the uncertainty about timing.
However, we acknowledge that uncertainty about future US trade policy is having some impact on business confidence and investment spending, and this impact is reflected in our outlook. In this context, Governing Council judged that the current stance of monetary policy is appropriate.