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The Governing Council will continue to follow a data-dependent and meeting-by-meeting approach to determining the appropriate level and duration of restriction, without pre-committing to a particular rate path.
Plain English: **'We are keeping interest rates high enough to slow inflation, and we won't promise any future rate cuts in advance—we will decide one meeting at a time based on the latest economic numbers.'**
Key terms unpacked:
- *Level and duration of restriction*: How high interest rates stay, and for how many months.
- *Without pre-committing to a rate path*: Refusing to give a schedule of future rate cuts.
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