Members expected real GDP growth to be moderate over coming quarters and then to pick up very gradually, with the unemployment rate declining only slowly. With longer-term inflation expectations stable, members anticipated that inflation over the medium run would be at or below 2 percent a year. Are FOMC members predicting that the U.S. economy will move along a short-run Phillips curve or that the short-run Phillips curve will shift through 2012 and 2013? Explain.