The private forecasters appear to have held this view for many years, given that long-run expectations for CPI inflation in the SPF have been running at around 2-1/2 percent since the late 1990s, and that the average historical wedge between the CPI measure and the PCE measure of inflation has been 13 about 50 basis points.
The objective is to have rules that encourage a smaller number of sound and professional operators, together with reliable and diversified channels of distribution that can also stimulate competition in the sector. We have worked to permit the prompt application of the new rules.