I'm sure you all remember the rush in March last year to get everyone who could working from home. Not all firms and not all workers could do this because of the nature of their work. Of those that could, some firms were already well prepared for flexible working, but for many it was a huge shift. Over time, though, people adapted.
Indicators of longer-term inflation expectations have generally been stable in the wake of the financial crisis. For example, in the Federal Reserve Bank of Philadelphia’s Survey of Professional Forecasters, the median projection for the annual average inflation rate for personal consumption expenditures over the next 10 years has remained close to 2 percent.