Short-term inflation expectations have also increased in recent months, but still remain below our objective, while long-run expectations remain firmly anchored. Based on this, the Governing Council continues to expect interest rates to remain at present or lower levels for an extended period of time, and well past the horizon of our net asset purchases.
As Countess Constance Markievicz said in 1909: “All great things are made up of much that is obvious and dull, and much that in the beginning is small, but that will be found to lead out into fields that are broader and full of interest.”4 And the 1918 Representation of People Act, important as it was, represented just one step on the road – because only some, rather than all, women were allowed to vote.