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"Snow was not calling for a change in monetary policy," Mr. Nichols said.
A sudden change in monetary policy happened in Switzerland on January 15th , 2015
It is a very different story in Indonesia, where economists expect no change in monetary policy.
Most significant, perhaps, is a sea change in monetary policy not just domestically but around the world.
Without adequate prior econometric research, policy design needs to take into consideration that a change in monetary policy can produce an unanticipated bifurcation.
John Cridland, CBI Director-General, says: "With the economic recovery firming up nicely, any change in monetary policy should ensure this isn't blown off course.
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Worse, a change in monetary-policy rules in the aftermath of a crisis would itself damage central bankers' hard won credibility.Unfortunately, this credibility will in any case be under attack.
Second, in the longer term, changes in monetary policy affect only inflation.
In normal times, relatively small changes in the health of the economy produce small changes in monetary policy.
It takes about two years for changes in monetary policy to exert their full effect on inflation.
This relation is not obvious, mainly because it takes time for changes in monetary growth to affect income.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com