Additionally, we are incorporating key lessons from the financial crisis and the stress assessment into our day-to-day supervisory processes. To avoid another destructive financial crisis, we must learn all that we can from the crisis just endured.
See the point estimates for 2019:Q2 in table 1 in Jeremy B. Rudd (2020), “Underlying Inflation: Its Measurement and Significance,” FEDS Notes (Washington: Board of Governors of the Federal Reserve System, September 18), https://doi.org/10.17016/2380-7172.2624. 6 For more information on the Survey of Professional Forecasters, see Federal Reserve Bank of Philadelphia (2021), Second Quarter 2021 Survey of Professional Forecasters (Philadelphia: FRB Philadelphia, May), https://www.philadelphiafed.org/surveys-and-data/real-time-data-research/spf-q22021.