Moving to an explicit inflation target would, in my view, be consistent with the current statute governing the objectives of monetary policy in the United States and would, in turn, require no fundamental change in the current Federal Reserve strategy for implementing monetary policy.
As the Governor of the Bank mentioned at his regular press conference after the January MPM, I dissented from setting the 2 percent price stability target with another Policy Board member, Mr. Takahide Kiuchi, for the following reasons.