Nevertheless, survey-based measures of inflation expectations have remained anchored. This assessment is also broadly reflected in the latest June 2019 Eurosystem staff projections, which foresee inflation at 1.3% for 2019, 1.4% for 2020, and 1.6% for 2021. Compared with the March 2019 ECB staff macroeconomic projections, the outlook for HICP inflation has been revised slightly up for 2019 and revised slightly down for 2020.
19  For instance, Michael Feroli (as quoted in a recent article) said, “I think they have outlived their usefulness and they risk sending a signal that (Fed officials) have a ‘plan’ rather than that they are data dependent” (see Ann Saphir (2016), “Fed’s ‘Dot Plot’ Looks Increasingly out of Touch on Rates,” Markets, Reuters, February 14, paragraph 8, http://in.reuters.com/article/us-usa-fed-path-analysis-idINKCN0VN0PU); and in a 2012 speech, former Governor of the Bank of Canada Mark Carney stated, “Overall research has not generally found that publishing a path leads to better outcomes.” (Mark Carney (2012), “Guidance,” a speech delivered to the CFA Society Toronto, Toronto, Canada, December 11, paragraph 24, www.bankofcanada.ca/2012/12/guidance.