The Reserve Bank of Australia has stopped referring to the Australian dollar as "uncomfortably" high, but could resurrect that description if the economy fails to fire up.
The RBA told us in December the exchange rate "remained uncomfortably high and a lower level would likely be needed to achieve balanced growth in the economy".
But by this week the RBA's discomfort with the exchange rate had eased to the point where it's not really worth mentioning.
It seems that signs of a strengthening economy, and the lower exchange rate, have convinced the RBA that there is a chance that it's done enough to bring the economy back up to a reasonable growth rate and stop unemployment from rising.
And that the Australian dollar is now at a comfortable level.
But two months ago, when the RBA's board previously met, the economy was not strong enough, nor the exchange rate low enough, for the RBA to be able to make that call.
What's happened in the meantime to change the RBA's mind?
It is an interesting question because the economy hasn't strengthened much, and the exchange rate isn't much lower.
Ahead of the board meeting on Tuesday, using the RBA's average against other currencies, the Australian dollar was a bit less than four per cent lower than at the time of the previous meeting.
That's not much of a fall.
And the signs of the pickup in the economy have not become a whole lot clearer since early December.
There have been some indications of strength in retail spending, although - with employment growth stagnant and wages growth unusually slow - that may turn out to be little more than the inflationary effect of the lower exchange rate.
And, while the housing price boom is promising increased construction activity, it has yet to make good on that promise.
On the downside, business investment - the vital ingredient in any recovery - is heading for a sizeable downturn in mining and is stagnating elsewhere.
Maybe monetary policy is "appropriately configured to foster sustainable growth", as the RBA said on Tuesday.
And maybe the exchange rate - now around 89 US cents - really is at a comfortable level.
But if the recovery falters, if the housing price boom fails to generate the building boom many expect, or if non-mining business investment refuses to rise from the dead, or if unemployment doesn't peak soon but continues to rise, what's now comfortable could easily be redefined as very uncomfortable indeed.
It would still be a few months before the RBA arrives at that judgment.
But if it does the Aussie dollar will again be subject to "jawboning" by RBA officials trying to talk it lower, and the option to undermine it with lower interest rates will come back into play.