Board of Governors of the Federal Reserve System

surrounding our estimates, see the January 21, 2015, memorandum to the...policy nor fiscal policy appears well positioned to offset substantial

expectations appear to remain well anchored, as reflected in a broad range...expectations well anchored. Restoring price stability is essential to

policy. The sacrifice in lost output to reach zero inflation would be ...expectations of a lower Federal funds rate--but that the price gains will

policies that govern discount window lending are set forth in the Federal...policy. The TAF, which provides credit through an auction mechanism to

policies that govern discount window lending are set forth in the Federal...policy. In December 2007, the Federal Reserve introduced the TAF, which

policy scenarios, which do not encompass entire range of possible outcomes

Policy: An Outline of the Issues David J. Stockton Division of Research...surrounding the costs of disinflation are explored in a final section.

policy until more information is available on the condition of the economy...expectations up only slightly from the December 1988 low at 4.56%. Confidence

expectations that are well anchored at 2 percent foster price stability...expectations at this level, the Committee seeks to achieve inflation that

policies needed to minimize the damage done by the crisis. For their part...policies they did--many of them unorthodox and previously untried--to