In addition, the unemployment rate has been on a falling trend, employment growth has recovered and employment expectations have remained favourable. The incoming information on activity in the third quarter further supports the assessment that economic activity will continue to grow robustly, while possibly moderating somewhat.
With the benefit of hindsight and with the bulk of our work behind us, now is a natural and expected time to evaluate the effectiveness of that regime. Our efforts toward implementing those principles are underway. Federal Reserve Board staff members continue the review that I have previously outlined.