These are the latest in a series of projections which foresee inflation converging to our aim over a policyrelevant medium-term horizon. Importantly, over the course of the past year, that convergence 3/6  BIS central bankers' speeches  path has held firm, and the timing of when we expect to attain our objective does not appear to have receded further into the future.
Our confidence in the inflation path is also rising, on the basis of two indicators we have been using to assess the probability of inflation convergence. The first is our own internal estimates of the distribution of future inflation outcomes.