To understand how we got to where we are now, looking back at 20 years of inflation targeting, we can start further back: with a speech from 1979, titled ‘The anguish of central banking’, by Arthur Burns, who was Chair of the US Federal Reserve for most of the 1970s. This was a period of high inflation, in the US and globally.
Much of that initial inflation has moderated, but it will be important to understand the long-term effect of the pandemic environment on household formation and housing demand going forward. Thank you again, President Collins, for hosting this Fed Listens event and for the opportunity to be part of this discussion. 2/2  BIS - Central bankers' speeches