Full text of Federal Open Market Committee Meeting Minutes, Transcripts, and Other Documents : Meeting, September 16-17, 2014 : Cover Memo: Background Memo on Long-Term Inflation Expectations and Risks to the Inflation Outlook

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Authorized for public release by the FOMC Secretariat on 1/10/2020

BOARD

OF

GOVERNORS

OF THE

FEDERAL RESERVE SYSTEM

DIVISION OF RESEARCH AND STATISTICS

Date:

September 5, 2014

To:

Federal Open Market Committee

From:

David W. Wilcox

Subject: Background Memo on Long-term Inflation Expectations and Risks to the
Inflation Outlook

Following up on the discussion at the July FOMC meeting, the attached memo,
which is entitled, “Long-term Inflation Expectations and Risks to the Inflation
Outlook,” examines the sensitivity of the staff projection to alternative assumptions
about the evolution of long-term inflation expectations.

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