We believed that the steps we were taking would provide additional information that could help clarify how we viewed price stability that at the same time would allow us to remain consistent with giving information about how we expected to fulfill our dual mandate.
I expect that our new projections will provide some of the benefits of an explicit target in better anchoring inflation expectations while not giving up any flexibility to react to developments that threaten high employment. As we gain experience with the enhanced forecasts, we will continue to evaluate how best to promote stability of both prices and employment.