From a longer-term perspective we have been guided by a firm commitment to contain any forces that would undermine economic expansion and efficiency by raising inflation, and we have kept our focus firmly on the ultimate goal of achieving price stability.
Within that framework we have attempted not only to lean against the potential for an overheating economy, but also to cushion shortfalls in economic growth. And, recognizing the lags in the effects of policy, we have tried to move in anticipation of such disequilibria developing. But this is a very general framework and does not present clear guidance for day-to-day policy decisions.