That said, I believe, as do most of my colleagues, that the risks to inflation are to the upside, and I continue to be attuned and attentive to underlying inflation trends, in particular measures of inflation expectations, including the Board staff’s index of common inflation expectations.3 As Chair Powell has indicated, if we did see indicators of inflation expectations moving up and running persistently above levels consistent with our price stability mandate, monetary policy would react to that.
But that is not the case at present. The September Decision and the Forward Guidance in Our FOMC Statement 1/3  BIS central bankers' speeches  Let me now say a few words about the decisions reached at our September FOMC meeting.