From NY Fed President William Dudley: A Bit Better, But Very Far From Best … My assessment of where things stand today is mixed. On the positive side, the financial markets are performing better and the economy is now recovering. … On the negative side, the unemployment rate is much too high and it seems likely that the recovery will be less robust than desired . This means that the economy has significant excess slack and implies that we face meaningful downside risks to inflation over the next year or two . … … I also suspect that the recovery will turn out to be moderate by historical standards. This is a disappointing outcome in that growth will likely not be strong enough to bring the unemployment rate—currently 9.8 percent —down quickly.

Read more here – NY Fed’s Dudley: Downside Risks to Inflation for "next year or two"