Non-core inflation should decline, but it is also true that its components tend to be highly volatile and therefore its behavior is subject to a high degree of uncertainty. In any case, I am of the view that the main risks for inflation, especially during the first semester of the year, are related to the possibility of wide fluctuations of the exchange rate.
I thank the members of the commission for their willingness to serve and urge them to demonstrate to the American people that serious, wellintentioned citizens can come together to craft credible and sustainable solutions to our budgetary challenges. BIS Review 57/2010  3