However, this relationship holds only over a sufficiently long period of time and can be interpreted as a sort of definitional or identical relationship. Therefore, at a practical level, it cannot be applied to the conduct of monetary policy.
But I do believe that big money does organize itself somewhat like feral hogs. If they detect a weakness or a bad scent, they’ll go after it”. Caution must characterize a central bank when making forecasts, projections and statements.