The University of Michigan Surveys of Consumers' measure of expected inflation over the next 5 to 10 years has been broadly stable but has edged down over the past few years and is now at the very lower end of the range that has prevailed historically. Inflation expectations of professional forecasters have remained stable and consistent with our 2 percent objective.
At each future FOMC meeting, as I consider what, if any, adjustment to our policy stance is warranted to achieve and sustain our dual-mandate objectives, I will closely monitor the incoming data on inflation expectations as well as actual inflation, among the broad range of real and financial indicators that I consult.