The current tight stance is expected to continue in the near-term, especially in view of rising inflation expectations and exchange market pressures.
From 2007 to the present, 𝜋𝜋𝑡𝑡𝑒𝑒 is approximated using the median forecasts of long29  Although the data used in the decomposition analysis have been revised and extended, the specification of the model and the estimation period are the same as that discussed in a speech I gave two years ago (Yellen, 2015).