During the transition from a very accommodative policy stance to a more normal operating environment, it is especially important that the public have confidence in the Fed’s commitment to do so in a manner that does not let inflation accelerate. Thus, in my view, this would be an opportune time for the Fed to commit to an explicit numerical inflation objective.
*  *  *  Members of the Monetary Board, distinguished speakers, colleagues at the Bangko Sentral, good afternoon. This is the 8th in our series of Environmental Scanning Exercises (ESEs). For the information of our guests, it may be helpful to note that we have been holding ESEs since 2004.