10 Most FOMC participants think that this condition will be satisfied later this year if the economy continues broadly on its current path. 11  •  The balance sheet will be allowed to shrink passively as our holdings of Treasury and agency securities mature (or prepay) and roll off. 12  •  The process will be gradual and predictable.
When Christopher Columbus died in 1506 in Valladolid, he was still convinced that his journeys had taken him to the coasts of India, and  8  BIS Review 138/2007  not to America. It is indeed always difficult to identify change, especially when such change is systemic.