The odds are six to five that the light in the end of the tunnel is the headlight of an oncoming train

I guess you could (say) that the Fed sees the light at the end of the tunnel. They believe that they have taken a lot of accommodation out of policy now.

There is light at the end of the tunnel

Light at the end of the tunnel? We don't even have a tunnel; we don't even know where the tunnel is.

I believe there is now light at the end of the tunnel,

The light is definitely at the end of the tunnel.