Roger W Ferguson, Jr: Basel II - some issues for implementation Speech by Mr Roger W Ferguson, Jr, Vice Chairman of the Board of Governors of the US Federal Reserve System, at the Basel Sessions 2003, Institute of International Finance, New York, 17 June 2003.
5  D. Prices Next, I will discuss the output gap and inflation expectations, which are the main factors that determine inflation rates. First, the output gap -- after turning slightly positive in the July-September quarter of 2016 -- has continued to improve, and it has expanded somewhat within positive territory recently.