Was there, in fact, a new higher normal for US inflation that Volcker did not recognize? If indeed there was, how does it square with the low inflation experience of the US over the last two decades? This is a debate that is yet to be settled. 34.
There are of course occasions when forging a consensus is not possible, and then the Council can take decisions by majority, be it small or large, as was the case with the January decisions. Nevertheless, not publishing a voting record allows members to support the decision of the committee, even if they may have personally preferred a different course of action.