The economy was close to full employment and inflation as of the second half of 2016 had become -- and remained -- positive. The negative spillovers from monetary policies abroad during Regime 1 had disappeared by then. 7  However, although inflation remained positive from 2016 onward, it did not accelerate, and the link between QE and inflation appears to have become less clear.
Mark W Olson: Update on the US economy Remarks by Mr Mark W Olson, Member of the Board of Governors of the US Federal Reserve System, at the University of Arkansas at Little Rock, Little Rock, Arkansas, 13 April 2006. *  *  *  Recent trends in the U.S. economy have been, on the whole, quite favorable.