To achieve this, we will not hesitate to deploy our full range of actions and expertise, a range that we have enriched by recognising the importance of experimenting with the ecosystem. 4/4  BIS central bankers' speeches
Moreover, because it takes time for  2  For example, see Alan Blinder, “The Mystery of Declining Productivity Growth,” Wall Street Journal, May 14, 2015. BIS central bankers’ speeches  3  technological advances to be adopted broadly throughout the economy, it seems unlikely that the productivity gains from recent innovations have yet been fully realized. Because I am uncertain about the near-term trends of GDP growth and productivity growth, I am also uncertain about whether we will see further progress in the labor market over the remainder of the year. There are many possible outcomes to consider. For example, if real GDP growth were to pick up more than productivity growth, then employment growth would likely remain sufficiently firm to lead to further tightening of the U.S. labor market. But, if the reverse occurs, then payroll gains could slow even as GDP growth strengthens. In contrast to my uncertainties about growth and the labor market, I am becoming more confident that inflation will return to our 2 percent objective over the medium term, as long as the labor market continues to improve – an important caveat. The reasons here are straightforward. First, a number of factors that threaten to keep inflation below our 2 percent objective appear to be transitory. In this camp, I put the sharp decline in oil and gasoline prices that began in mid-2014, and the weakness we have seen in nonpetroleum import prices due to the strength in the dollar.