For the first time in some years, the achievement of our goals is within sight. In these circumstances, the Board judged that now was the right time to draw the bond purchase program to a close. There are four additional points that I would like to make.
As a result, 12-month changes in the overall personal consumption expenditure (PCE) price index have recently been only a little above zero (chart 1). The past year’s energy price declines ought to be largely a one-off event (chart 2).