In fact, what the economy needed was a greater monetary boost that would help offset the negative effects of the end of the commodity super-cycle and the weakness the economy had shown in recent years. In this sense, although the recent appreciation of the peso is an important development and will undoubtedly affect the evolution of inflation in the short term, as reflected in the projections that I have just shown, its implications for monetary policy are not evident as long as its direct or indirect effects do not imply that the convergence of inflation to the target in the policy horizon is compromised. 6  About our domestic economy, the baseline scenario assumes that the factors that have reduced activity and inflation in recent months are transient. However, their persistence may be different than anticipated. On activity, a fraction of the lower growth responded to more persistent investment-related factors. This may be accentuated, for example, if confidence indicators regress. In any case, it cannot be ruled out that the economy may return to higher growth rates faster than assumed in the baseline scenario. This, considering that the labor market has not deteriorated any further, the cost of credit is low and expectations have improved somewhat, which could lead to more dynamic consumption. Inflation has fallen beyond forecasts and is now below 2%. Expectations at shorter terms are down from the cutoff date for the last Report, but at longer terms they show no major changes and remain anchored to the target.
The two Reports will now more actively integrate the outcome of the economic and financial research work carried out by the Bank in matters of particular relevance to the institution's policy decisions. A first step in this direction is the document on trend growth attached to the present MP Report. All the changes I have described will become effective in January 2018. In addition, in September of each year we will publish the calendar with the dates of the Monetary Policy Meetings and the publication of the Reports of the next calendar year. For 2018, this calendar will be published next Thursday, September 14th. All these changes are part of the Bank's strategic plan and are intended to strengthen the current monetary policy framework, in order to reinforce compliance with the objective of price stability. Moreover, these measures are the product of a thorough internal evaluation and reflect both the Bank's accumulated experience and the best practices established at the international level. 11  Concluding remarks With this presentation I hope to have shown how the Central Bank of Chile continues to fulfill the responsibilities assigned to it by the law, while progressing in its adaptation to new challenges and the need to maintain and enrich the trust of the citizens. The Bank has no agenda other than the functions and tasks entrusted, but these are enough to motivate a continuous effort of improvement that today takes special relevance.