Conclusion The pandemic has brought much that was unexpected. We have drawn on our analysis and experience to reach a clearer understanding of the forces at work, but we must anticipate the possibility of more surprises before this chapter is closed.
While we now expect supply disruptions to ease and inflation to come down quickly in the second half of this year, we are alert to the risk that inflation may again prove more persistent. We will be nimble—and if necessary, forceful—in using our monetary policy tools to address whatever situation arises, as we have done throughout these turbulent times.