•  A steady decline in the actual inflation rate toward the inflation target range or level appears to have improved the public’s confidence in monetary policy, contributing to lowering medium- to long-term inflation expectations. •  The pace of decline in the actual inflation rate initially tends to be faster than that of medium- to long-term inflation expectations.
Moreover, it is possible that the decline in the actual inflation rate will exceed the decline in the rate of inflation expectations, until these expectations are firmly anchored.