In third quarter economic growth to be pulled down by hurricanes

Storm effects are unlikely to alter course of national economy beyond next two quarters

Says Fed expects the economy to expand at a moderate pace over the next few years

Says Fed's understanding of forces driving inflation are not perfect

Believes this year's shortfall in inflation reflects developments unrelated to broader conditions

Says federal fund rate will not have to rise much further to get to neutral stance

Inflation running below 2 percent for long time is a concern