By March 2011, forecasters had lowered the projected unemployment rate at the policy liftoff date to about 8-1/2 percent, again accompanied by inflation near 2 percent.
Romer, Christina D., and David H. Romer (2002). “The Evolution of Economic Understanding and Postwar Stabilization Policy,” paper presented at “Rethinking Stabilization Policy,” a symposium sponsored by the Federal Reserve Bank of Kansas City, held in Jackson Hole, Wyo., August 29-31, https://www.kansascityfed.org/publicat/sympos/2002/pdf/S02RomerandRomer.pdf. Sargent, Thomas J. (2002).