Of course, if the expansion proves to be more vigorous than currently anticipated and inflation moves higher than expected, then the appropriate path would likely follow a higher and steeper trajectory; conversely, if conditions were to prove weaker, then the appropriate trajectory would be lower and less steep than currently projected.
As always, we will regularly reassess what level of the federal funds rate is consistent with achieving and maintaining the Committee’s dual mandate. I would also like to note that the Federal Reserve has continued to refine its operational plans pertaining to the deployment of our various policy tools when the Committee judges it appropriate to begin normalizing the stance of policy.