In the current situation, with risks to inflation forecasts skewed to the upside, I believe policy judgments must be based on whether and when we see inflation actually falling in the data, rather than just in forecasts.
Several panelists spoke of the fact that some consumers may have access to only nonstandard documents and others, such as self-employed entrepreneurs, may have some difficulty documenting their income. To help ensure that the proposal preserves access to credit for the full range of consumers, we have sought public comment on this issue.