These bills instructed the Fed to set an explicit numerical definition of price stability and to "maintain a monetary policy that effectively promotes long-term price stability." Representative Saxton introduced a significantly revised version of these bills in 1997 and 1999, mandating price stability as the "primary goal" of the Federal Reserve and requiring the Fed to establish an explicit numerical definition of inflation.
This contributed to a further slowdown in consumption spending. https://www.rba.gov.au/speeches/2019/sp-dg-2019-08-15.html  6/10  8/15/2019  Risks to the Outlook | Speeches | RBA  Graph 5  Overlaid on the slow growth in household income has been the effect of the decline in housing prices.