The right panel depicts the macroeconomic effects of the more rapid runoff of the balance sheet in terms of deviations from the baseline scenario: The unemployment rate (solid line) is significantly higher, and core PCE inflation (dashed line) is somewhat lower.
At the December Governing Council meeting we will thoroughly assess the strength and persistence of the factors that are slowing the return of inflation towards 2%. If we conclude that the balance of risks to our medium-term price stability objective is skewed to the downside, we will act by using all the instruments available within our mandate.