Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

I have two questions. The first is about our inflation forecast. We’ve discussed several times the basic question about whether the now-prevailing level of long-term inflation expectations in markets is likely to provide support for forecasts of further moderation or likely to constrain the prospects for further moderation in core inflation. My recollection of that discussion, although a little hazy, is that expectations might be a bit of a constraint. Am I right in my recollection? Has your view on that changed?

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