-6inflation moving up to 2 percent only in 2023. Only one participant had liftoff occurring by the end of 2022. Based on this SEP, the Committee did not expect the economy to recover quickly.
We would be far better served following the wise admonition of John Maynard Keynes that “it is better to be roughly right than precisely wrong.” Estimates of the magnitude of the bias in our price measures are available from a number of sources. Most have been developed from detailed examinations of the microstatistical evidence.