Ladies and gentlemen, while we are improving how we do things, there will be no change in our primary mandate – we will keep our eye on inflation. At our most recent policy meeting, we 4  BIS central bankers’ speeches  kept policy rates steady (at 4 percent for the reverse repurchase rate).
Our view was that domestic demand continues to be quite robust and there is no urgent need to provide further monetary stimulus. Our models showed that even as inflation is currently below our target range of 2-4 percent (i.e., 1.3 percent in January 2016), inflation will slowly move to within target in 2016 (i.e., 2.2 percent) and 2017 (i.e., 3.2 percent).