The chance of gain is by every man more or less overvalued, and the chance of loss is by most men 1/6  BIS central bankers' speeches  undervalued, and by scarce any man, who is in tolerable health and spirits, valued more than it is worth.'
Adam Smith Low inflation was our monetary policy challenge for the 4 to 5 years prior to the COVID-19 pandemic, driven by high international savings, a greater than 70 percent fall in oil prices, the international flow of labour, digitisation, and global competition keeping downward pressures on prices.