At the heart of the review is the evaluation of potential changes to our strategy designed to strengthen the credibility of our symmetric 2 percent inflation objective.
7  For example, based on the Federal Reserve staff’s Greenbook forecast, across forecasts prepared for 59 FOMC meetings between 1997 and 2004, one-third of the year ahead, four-quarter inflation forecast errors were 0.5 percentage point or greater in absolute value. Error tended to be on the low side, and 45 percent of low-side misses were greater than 0.5 percentage point in absolute value.