Economics doubt

CFA Level I Economics
#1

A central bank that decides the desired levels of interest rates and inflation and the horizon over which the inflation objective is to be achieved is most accurately described as being:

A. target independent and operationally independent.

B. target independent but not operationally independent.

C. operationally independent but not target independent.

This question is given in CFA textbook in chapter monetary and fiscal policy. According to the textbook correct answer is A but I think it should be B because according to the notes independence can be evaluated based on both operational independence and target independence. Operational independence means that the central bank is allowed to independently determine the policy rate. Target independence means the central bank also defines how inflation is computed, sets the target inflation level, and determines the horizon over which the target is to be achieved.

Am I missing something??

#2

I do not have my CFAI econ text with me, but I am inclined to believe that the answer is correct - that is to say that most central banks can be described as both target independent and operationally independent. Target independence would provide the central bank with the liberty to set desired levels of interest rates and inflation, while operational independence would give the central bank the ability to provide a time horizon for the implementation of the central bank’s targets.