To see how relevant that is, moreover, we need only look at the sorts of per capita growth rates post-crisis compared with the decade leading up to the crisis. They are much lower. The growth is not as easy to get as it once appeared, which puts the focus squarely back onto policy frameworks.
Nevertheless, the inflation outlook remains highly uncertain, not least because of the difficulty of predicting the future course of commodity prices, and we will continue to monitor inflation and inflation expectations closely. The FOMC is committed to achieving medium-term price stability and will act as necessary to attain that objective.