In particular, we anticipate that even after employment and inflation are near mandate-consistent levels, economic and financial conditions may, for some time, warrant keeping the target federal funds rate below levels that the Committee views as normal in the longer run.
The environment, economic and institutional  Enzo Grilli’s thinking as an academic was certainly influenced by his unique exposure, during his many years at the World Bank and particularly in the mid-nineties, to the debate on the evolution of the world trade system with an increasing number of developing countries. Enzo was a convinced supporter of multilateral trade liberalization.