22  At the time of the August meeting, total PCE price inflation on a 12-month basis was running above the Committee’s 2 percent objective, boosted by transitory factors that were expected to dissipate; the staff forecast was for inflation to slow to 1.5 percent in 2012.
23 A few policymakers believed that recent economic developments justified a more substantial move, but they were willing to accept the stronger forward-guidance language as a useful step.