Whether you measure inflation using the CPI or the Fed's preferred measure of personal consumption expenditures, it is still much too high and so my job is not done.
The Bank will examine these risks carefully and will not hesitate to make adjustments as appropriate, should circumstances warrant. Transmission channels of the quantitative and qualitative monetary easing I will next explain the mechanism of achieving the 2 percent target under the quantitative and qualitative monetary easing (Chart 3). The Bank expects that the effects of monetary easing will permeate primarily through three channels.