I dissented from the decision at the Federal Open Market Committee meeting earlier this week. After that meeting, the FOMC communicated its intention to continue gradually removing accommodation. In my view, this communication creates an unacceptable downside risk to inflation and inflation expectations. Three key facts led to my decision. Past inflation: Year-over-year inflation has run below the FOMC’s 2 percent target for over 30 months. Medium-term future inflation: The minutes of the FOMC’s October meeting state that the FOMC’s staff projects that inflation will remain below target over the next few years. ... (full story)