forcentral tennessee projections of inflation is 1.3% this year and 1.7% in 2015. as you already know from the policy statement, we are continuing the purchasing program first announced in september. this was supported by our review in the meeting of the costs of additional purchases. let me briefly summarize the cost-benefit analysis. although estimates of the efficacy of the asset purchases are uncertain, most participants agree to continue to provide meaningful support to job creation. most also agree this will likely not to be able on its own to fully offset major economic headwinds such as those that might arise from significant fiscal restraint. we also had a discussion of possible risks of continued expansion of the balance sheet. the risks include possible adverse implications of the functioning of securities markets and the potential effects on the various scenarios through a larger balance sheet on the earnings and asset holdings and on its significance to the treasury. we also can considered possible risk to financial stability, such that might arise wit