With regard to the future course of monetary policy, the Bank stated that it will adjust the level of interest rates gradually in the light of developments in economic activity and prices, while maintaining the accommodative financial conditions ensuing from very low interest rates for some time. IV.
Thinking behind the conduct of monetary policy  It takes quite a while for the effects of a monetary policy change to filter through to the economy and prices. Because of the long and variable lag length, the conduct of monetary policy needs to be forward looking, based on the outlook for the economy and prices over a sufficiently long term.