This sluggish inflation outlook implies that, at any FOMC meeting held during 2015, inflation would be expected to be below 2 percent over the following two years. It would be inappropriate for the FOMC to raise the target range for the fed funds rate at any such meeting.
To be clear: There is uncertainty about the evolution of the inflation outlook, and so this conclusion about the timing of lift-off is necessarily data-dependent. The language changes to the framework statement that I’ve suggested would not tell the public exactly when interest  2  6  “Monetary Policy,” Bank of Canada, May 29, 2012.