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Just monitor the situation, but do nothing would be the appropriate monetary policy during a period of low inflation and steady GDP growth.
What exactly does monetary policy mean?
A nation's overall money supply is managed by monetary policy, which also aims to promote economic growth. It speaks of the actions done by a nation's central bank to regulate the money supply in order to maintain economic stability. Interest rate changes and adjustments to bank reserve requirements are examples of monetary policy strategies. It is frequently categorized as either contractionary or expansionary. A declining economy is stimulated by an expansionary monetary policy, and an inflationary economy is slowed by a contractionary monetary policy. An economy's money supply rises as a result of an expansionary policy. Contrarily, a contractionary policy reduces the money supply in a nation.
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