The whole process had entailed high economic and social costs; Stage two: In 1980s and 1990s, monetary policy managed to reduce inflation. Most central banks were gradually made independent from governments and acquired new credibility. This was the period of the triumph of central bankers.
Let me now turn to the monetary policy outlook. As you know, at our September meeting, the FOMC decided to keep the target range for the federal funds rate at 1/4 to 1/2 percent.