The results of the recent FRB meeting are out and they basically seemed to have slid their projection forward one year. Here is the old projection from 2014 (compared with the information transfer model projection):
And here is the new one:
Let's see if I have this straight ...
Shorter FRB in 2014: core PCE inflation will begin its return to normal.
Shorter FRB in 2015: core PCE inflation will begin its return to normal.
I just want to tell you good luck, we're all counting on you ...