Anchored inflation expectations were not won easily or quickly: Experience suggests that it takes many years of carefully conducted monetary policy to alter what households and firms perceive to be inflation’s “normal” behavior, and, furthermore, that a persistent failure to keep inflation under control – by letting it drift either too high or too low for too long – could cause expectations to once again become unmoored.
28 Given that inflation has been running below the FOMC’s  25  In evaluating the potential implications of this decline for expected PCE inflation, one also needs to keep in mind that TIPS are indexed to the CPI. CPI inflation generally runs a few tenths of a percentage point higher than PCE inflation, though that differential can vary materially over time.