As regards inflationary expectations, there is a new dimension to the understanding of inflation itself. There is recently a sophisticated debate on the issue of appropriate index of inflation.
Here too, the range of possible interest rate paths is very broad, and relates to a broad range of forecasts of economic activity. It is important to emphasize that this is the interest rate path  assessed by the Research Department as consistent with the other components of the macroeconomic forecast, and that also serves as input for the Monetary Committee’s discussions.