Among other questions that could be addressed would be how policy actions (as opposed to inflation outcomes) influence expectations and how sensitive Federal Reserve credibility is to short-run departures from low inflation.
The rise in the price level was moderate and exchange rates remained fairly stable. For these reasons, it was possible to lower the instrumental interest rates of monetary policy to levels that were low by both historical and international standards. Long-term market rates followed the downward trend in short-term rates.