Also, because such representations of our policy are not sufficiently state-contingent, whereas my colleagues and I are far from being exclusively guided by mechanical configurations of indicators, but are very interested in the contingencies, and finally take our decisions on the basis of synthetic judgement enlightened by multiple experiences. As I often say, collegial wisdom is of the essence in central banking.
I am going to focus my remarks on the economic outlook, including how the recent turmoil in banking has affected that outlook.1 Relative to the Federal Open Market Committee's (FOMC) economic objectives, data for the first quarter indicate that economic output and employment are continuing to grow at a solid pace while inflation remains much too high.