But at the same time, we should not ignore the welcome possibility that economic conditions could turn out to be more favorable than we now expect.
The improvement in the labor market in 2014 and 2015 was considerably faster than expected by either FOMC participants or private forecasters, and that experience could be  4  BIS central bankers’ speeches  repeated if, for example, the economic headwinds we face were to abate more quickly than anticipated.