Reinvestments should continue for a long time, probably way past our 2019 forecast horizon," he said.

When private agents are uncertain about the objective and the commitment of the central bank to this objective, they tend to shorten their planning horizons.

We do expect U.S. inflation to exceed 2 percent, but not by much and not early enough to force a tightening within our 2019-20 forecast horizon.

Forecast uncertainty increases with the forecast horizon.

We do expect U.S. inflation to exceed 2 percent, but not by much and not early enough to force a tightening within our 2019-20 forecast horizon.