Over my five years as Chair, I have pursued this aim by extending postmeeting press conferences to all FOMC meetings and instituting ongoing personal dialogue with legislators. This continuous dialogue goes well beyond the regular testimony, established by statute, in which I report to the congressional committees that have oversight responsibilities regarding monetary policy.
On the other hand, while short-term nominal interest rates are close to zero percent, one can generate the effect of restraining the rise in long-term nominal rates by massively purchasing JGBs. Consequently, the combination of restraining the rise in nominal rates and raising inflation expectations will provide downward pressure on expected real interest rates that are derived as a difference between the two.