1 These remarks represent my own views, which do not necessarily represent those of the Federal Reserve  Board or the Federal Open Market Committee. I am grateful to Brian Doyle and Chiara Scotti of the Federal Reserve Board staff for their assistance in preparing this text.
This will require that higher employment levels not only reduce the slack in labour markets, but also feed through into wage dynamics. At this juncture it is not easy to predict how quickly this will happen. In particular, while the amount of slack plays a decisive role 5/6  BIS central bankers' speeches  for underlying inflation, there is high uncertainty around its measurement.