With CPI inflation close to zero, and downward pressure coming from energy prices, travel services and economic slack more generally, we expect inflation to stay well below the  - 11 2 percent target in the near term. Our core measures of inflation have drifted slightly lower, consistent with the unused capacity in the economy.
So, we agreed that as the economy shifts from reopening to recuperation, it will continue to need extraordinary monetary policy support. This is how we can help bring the economy back to its capacity and help get people working again.