fomc participants provide a number of explanations for the federal funds rate running below time,rmalor that in particular the residual effects of the financial crisis which are likely to continue to constrain household spending and constrain credit availability for some time. as these factors dissipate further, most participants expect the federal funds rate to longer run to its normal level by the end of 2017. finally, the committee will continue with policy of reinvesting proceeds from maturing treasury securities and principal payments from holdings .f agency debt in mbs the sizable holdings of longer-term securities should help maintain accommodative financial conditions and promote further progress toward our objectives of maximum employment and inflation of 2%. thank you. i will be happy to take your questions. >> a number of officials have projected the timing for liftoff was around the middle of next year. i wonder if you could clarify that. you said in your statement that at least not for two meetings. the fomc forecast seems to be consistent with something like a middle of