It confirmed that future decisions on interest rates will continue to be adopted based on new evidence relevant to the prospects for inflation. The burden of dealing with the many consequences of this crisis cannot, as has often happened in the past, fall on monetary policy alone.
Family incomes have not kept pace with rising costs and many families, particularly those with low-to-moderate incomes, are actually facing the decision between buying gas to drive long distances to work and paying their mortgage. During the housing boom, when gas prices were much lower, potential homebuyers moved steadily farther away from employment centers in search of more affordable homes.