For example, I might submit a very different projection of inflation rates if I were asked to use someone else’s policy path or even the policy path implicitly assumed in the fed funds futures market. It is also important to emphasize that these policy assessments do not constitute a commitment to follow a particular path but will evolve as economic conditions evolve.
In fact, I believe that changes in this chart over time will prove to be a far better way to provide information about the path of policy than using calendar dates, as we are currently doing in our FOMC statements. Policy should be conditioned on the state of the economy, not the calendar.