Source: For the three rules, Federal Reserve Board staff calculations; for the projections (solid circles) and the medianof projections, Summary of Economic Projections (SEP), December 2016, available at www.federalreserve.gov/monetarypolicy/fomccalendars.htm.
Once the Governing Council judges that the three criteria for sustained adjustment – convergence, confidence and resilience – have been met, net asset purchases will expire, in line with our guidance.