the member then expressed the view that, although an overall consideration of these points could lead to the conclusion that there is a need for further base rate adjustments, it would be desirable to hold the base rate at its current level for the intermeeting period, while checking to see if the growth and inflation paths for the second quarter were consistent with the initial projections, and to strengthen the examination of changes in credit, exchange rate and other policy transmission channels and factors causing financial instability at home and abroad, thus maintaining a flexible policy stance.