- Uncertainty about inflation contributes to uncertainty about real interest rates, real wealth, and real income. These uncertainties lead to poor economic decision-making.
- Federal Reserve officials confronted “an unusually elevated degree of uncertainty” about the future path of interest rates.
- Outlooks were associated with an unusually elevated degree of uncertainty and that it was possible that the economy could evolve in a manner that would make further increases in the target range appropriate.
- There is no frame of reference since we haven't experienced it ever! Which leads to more uncertainty....