Looking ahead, the short-term profile of annual inflation rates continues to be determined largely by current and past energy price developments, as last year’s volatility in energy prices leads to significant base effects.
5: 837–863; W. C. Dudley, "Important Choices for the Federal Reserve in the Years Ahead" (speech at Lehman College, Bronx, New York City, April 18, 2018); "Rethinking the Fed’s 2 Percent Inflation Target: A Report from the Hutchins Center on Fiscal & Monetary Policy at Brookings with Contributions from Lawrence H. Summers, David Wessel, and John David Murray," The Brookings Institution (June 2018).