The two principal components of that campaign would be a commitment by the FOMC to keep short-term yields at a very low level for an extended period (I’ll say more about this in a moment) together with a set of concrete measures to give weight to that commitment.
They include the possibility of previous commodity price rises having further and stronger indirect effects on consumer prices, as well as a renewed increase in commodity prices. In particular, there is a very strong concern that the emergence of broad-based second-round effects in price and wage-setting behaviour could add significantly to inflationary pressures. Moreover, unexpected rises in indirect taxes and administered prices could occur.