If so, the estimates reported in figure 8 somewhat understate the contribution of slack to the current shortfall of inflation from 2 percent and, correspondingly, overstate the contribution from other factors.
A second risk is that labor market tightness or tightness in other parts of the production chain might lead to higher inflation pressure than expected--the “revenge of  15  That is, movements in these measures have been modest, especially taking into account precision of the surveys. - 11 the Phillips curve” scenario.