For example, the August 2011 FOMC statement noted that the FOMC would likely keep the federal funds rate at exceptionally low levels "at least through mid-2013." The date in the forward guidance was updated to "at least through late 2014" at the January 2012 meeting and updated again to "at least through mid2015" at the September 2012 meeting.
The importance that the Monetary Board attaches to this initiative is clearly demonstrated by the presence of our Monetary Board members in this launching today and let me acknowledge them: First, MBM Vicente Valdepeñas, Jr., MBM Raul Boncan, MBM Juanita Amatong, MBM Alfredo Antonio, and earlier today MBM Nelly Favis-Villafuerte was also here.