If we act too hesitantly, we run the risk of having to tighten monetary policy much more severely further down the road. And that would place an even greater strain on economic activity and the financial system. This would happen, for example, if inflation expectations became unanchored and a price-wage spiral emerged.
It would be wrong, then, to act too hesitantly for fear of a downturn. Naturally, we are monitoring economic developments very closely. And yes, if output grows more slowly or even shrinks owing to weaker aggregate demand, inflationary pressures will wane. But as far as we can currently tell, this effect alone will not be enough to put inflation back on track.