15 The financial market-based measures include both an expectations component and a volatile inflation premium component, so they tend to move around much more than the surveys, but we see no evidence of a material change in these measures, either. The risks to inflation expectations are, of course, two sided. Until this summer, inflation had remained stubbornly below 2 percent for several years.
And major economies in much of the world have been struggling mainly with disinflationary forces. Thus, we have been and will remain alert for possible downward drift in expectations. Some argue the contrary case--that by only gradually removing accommodation as the unemployment rate has fallen, the FOMC may have fallen behind the curve, thereby risking an upward drift in expectations.