14 Transcripts of FOMC discussions (see, for example, 2011 transcripts, available at https://www.federalreserve.gov/monetarypolicy/fomchistorical2011.htm) reveal that some policymakers were dubious about whether it would be appropriate or even feasible for a current FOMC to bind a future FOMC to a policy that it might find objectionable, which contributed to more general doubts over whether the policy would be credible.
Second, the broad-based economic recovery in the euro area is increasing the likelihood of an adjustment in monetary policy. Third, I fear the rise of barriers to free trade and open markets, in spite of our empirical and theoretical evidence that free trade is almost always a boon for a country’s entire economy.