The Fed pursued preemptive strikes against rises in inflation in 1994-95, 1999-00, and in 2004-06, as well as preemptive strikes against potentially deflationary forces in the fall  8  The FRB/US series splices data from two surveys of expected long-run inflation – the Hoey survey of financial market participants from 1981 through 1989, and the Survey of Professional Forecasters from 1990 on.
It’s headline inflation that has picked up, and this is significantly affected by volatile elements such as oil and food prices. Underlying inflation, which is an indicator of price stability over the medium term, remains subdued. In Spain the CPI was at 3% for three months, before falling to 2.1% in March. How do you assess these developments?