Since June 2018 we have expressed our expectation that, subject to incoming data confirming our medium-term inflation outlook, net purchases will likely end after December 2018.
As we had for some time tied the horizon for our rate path to the end of our net purchases – giving indications that interest rates will remain at their present levels “well past the end of our net purchases” – announcing a conditional plan for terminating net purchases by a certain date made it necessary for us to re-anchor the rate guidance.