Looking back over the past four years: outcomes How has the FOMC performed relative to its dual mandate over the past four years, since the onset of the Great Recession at the end of 2007? In terms of price stability, the answer is remarkably well.
The personal consumption expenditure (PCE) inflation rate has averaged 1.8 percent per year from the fourth quarter of 2007 through the third quarter of 2011. In my view, this outcome is essentially consistent with price stability.