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If you go back to say 2013 and consider the until this year, the reasons why inflation was low are not hard to understand its a combination of slack in the labor market, declines in Energy Prices and strong dollar that pulled down import price inflation. So, whats important in determining inflation Going Forward is Inflation Expectations by some by many of professional forecasters those have been rock solid we do also look at Household Expectations which have come down some. Marketbased measures of inflation compensation as we mentioned in the statement, they have declined, and they have been snabl recent months, but they have declined to levels that are low by historical standards. That might suggest that Inflation Expectations have come down, but, when cant get at clear read, there are risk built in to inflation compensation that make it impossible to extract directly with Inflation Expectations are so, you know, there is a miss this year. I cant say i can easily point to a sufficien

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