Given the currently weak relationship between economic slack and inflation and the persistent, depressing effects of energy price declines and exchange rate increases, we should be cautious in assessing that a tightening labor market will soon move inflation back to 2 percent. We should verify that this is, in fact, taking place.
I would add that we have benefited from the numerous meetings we have had and from the opportunity to speak at conferences such as this one. These exchanges help us identify critical global concerns to examine further. We will be evaluating all of this input closely as part of our rulemaking process.