That it can, and is doing so, is now gaining wider acceptance, as reflected in continuing evidence of falling inflationary expectations. But it has required, alongside carefully-timed monetary tightening, a strong effort by the central bank to communicate its determination.
Ben S Bernanke: The economic outlook and the federal budget situation Testimony by Mr Ben S Bernanke, Chairman of the Board of Governors of the Federal Reserve System, before the Committee on the Budget, US House of Representatives, Washington DC, 2 February 2012.