Note: 1.The ECB announced that QE purchases would continue beyond March 2017 until end-2017, at € billion per month (dropping from € billion currently). Purchases are unlikely to stop altogether at that stage; rather, the ECB would announce a gradual phasing out of QE. 2. YCC: 10-year yield target of zero, negative policy rate. 15  Figure 7.
CPI Inflation (% YoY) and Central Bank Median Inflation Projections, 2010-2019  Source: Bank of Japan, ECB, US Federal Reserve, Bank of England, and Bloomberg.