multiple interrelated drivers and, moreover, that it depends on the area we are considering, whether asset management, the investment industry, corporates or benchmarks, but we can conclude that a common element in greenwashing is the lack of transparency. the quality of the indicators and the assessment of investments will further improve as more and better data sources become available. see esma ( 2023 ). progress report on greenwashing. may. several regulatory initiatives in the european union will make new data available as a result of new climate and sustainability reporting requirements for financial and non - financial institutions. currently we have the sustainable finance disclosure regulation ( sfdr ), that sets mandatory environmental, social and governance ( esg ) disclosure obligations for financial markets participants, and the corporate sustainability reporting directive ( csrd ). with regard to the latter, the european financial reporting advisory group ( efrag ) is working on the details of the thematic standards for collecting information on esg aspects, trying to reconcile csrd with the recommendations of the task force on climate - related financial disclosures ( tcfd ) and the work of the international sustainability standards board ( issb ). as you know the tcfd issued a set of recommendations to disclose climate - related risks and opportunities, grouped into four categories : i ) governance, ii ) strategy, iii ) risk management and iv ) metrics and targets, but again they are voluntary. the issb is working on a global framework for sustainability but it has a different approach from efrag. for example, the issb considers single materiality while efrag considers double materiality. as you can see we have an alphabet soup to negotiate in the drive for transparency. in reality, there is as yet no global standard for disclosure, and it will take several years to achieve a complete framework. according to an analysis conducted by eurosif, through a quantitative survey and qualitative interviews of asset managers and owners operating in europe, one of the most frequently mentioned challenges is a lack of data necessary to comply with european union regulations. some respondents commented that they currently use sfdr - related data merely for compliance reasons and do not consider them to be decision - useful information. however, the responses gathered during the qualitative interviews indicate that this view could change as the coverage and reliability of these data increase. 6 see eurosif ( 2023 ). climate - related data : the investors ’ perspective. report, may. we have a new challenge

lower ; the improvement reflects the effects of policy stimulus and an anticipated moderation of the contraction in housing and the strains in financial and credit markets. the incoming information since our january meeting continues to suggest sluggish economic activity in the near term. the risks to this outlook remain to the downside. the risks include the possibilities that the housing market or labor market may deteriorate more than is currently anticipated and that credit conditions may tighten substantially further. consumer price inflation has increased since our previous report, in substantial part because of the steep run - up in the price of oil. last year, food prices also increased significantly, and the dollar depreciated. reflecting these influences, the price index for personal consumption expenditures ( pce ) increased 3. 4 percent over the four quarters of 2007, up from 1. 9 percent in 2006. core price inflation – that is, inflation excluding food and energy prices – also firmed toward the end of the year. the higher recent readings likely reflected some pass - through of energy costs to the prices of core consumer goods and services as well as the effect of the depreciation of the dollar on import prices. moreover, core inflation in the first half of 2007 was damped by a number of transitory factors – notably, unusually soft prices for apparel and for financial services – which subsequently reversed. for the year as a whole, however, core pce prices increased 2. 1 percent, down slightly from 2006. the projections recently submitted by fomc participants indicate that overall pce inflation was expected to moderate significantly in 2008, to between 2. 1 percent and 2. 4 percent ( the central tendency of the projections ). a key assumption underlying those projections was that energy and food prices would begin to flatten out, as was implied by quotes on futures markets. in addition, diminishing pressure on resources is also consistent with the projected slowing in inflation. the central tendency of the projections for core pce inflation in 2008, at 2. 0 percent to 2. 2 percent, was a bit higher than in our july report, largely because of some higher - than - expected recent readings on prices. beyond 2008, both overall and core inflation were projected to edge lower, as participants expected inflation expectations to remain reasonably well - anchored and pressures on resource utilization to be muted. the inflation projections submitted by fomc participants for 2010 – which ranged from 1. 5 percent to 2. 0 percent for overall pce inflation – were importantly influenced by