7 / 12  BIS central bankers' speeches  Glick, Reuven, and Sylvain Leduc (2015). “Unconventional Monetary Policy and the Dollar: Conventional Signs, Unconventional Magnitudes (PDF)," Working Paper Series 2015–18. San Francisco: Federal Reserve Bank of San Francisco, November. Gordon, Robert J. (2013). “The Phillips Curve Is Alive and Well: Inflation and the NAIRU during the Slow Recovery (PDF)," NBER Working Paper Series 19390.
In December 2013, inflation stood at 1.2 percent. The most recent reading for August 2014 was 1.5 percent. Compare that with the December 2013 SEP estimates for 2014, and you will find that we are currently in line with the FOMC’s central tendency of 1.4 to 1.6 percent for PCE inflation.