By January 1992, it had already fallen to close to 2 per cent. Now, I do not want to leave you with the impression that this was a quick and painless process. Far from it. Indeed, because of the magnitude of our imbalances, we had to take strong medicine and live with high interest rates for some time.
Fed Listens is a natural outcome of this commitment to public engagement. We have heard from many people from different parts of the country and from different sectors of the economy about how monetary policy affects them and their communities. It is our responsibility as a public institution to be accountable to the public.