Notes: 1. Figures in brackets indicate the medians of the Policy Board members' forecasts (point estimates). 2. The forecasts of the majority of the Policy Board members are constructed as follows: each Policy Board member's forecast takes the form of a point estimate -- namely, the figure to which he or she attaches the highest probability of realization.
Fiscal support, mainly in the US, is currently at unprecedented levels, helping the recovery but adding inflationary pressures. 3. Post pandemic price and wage dynamics are highly uncertain. 4. Recent changes in the monetary policy strategy of both the Fed and the ECB are untested and could add uncertainty. 5.