I won’t get into too many details of what that term “monetary stimulus” means, although I’m more than happy to take questions about it later. For now, I’ll just note that when the FOMC changes the level of stimulus, our actions tend to push inflation – that is, the rate of growth of prices – and employment in the same direction.
They are opting instead for a more transparent internal process to dissect the failures of action, judgment, and oversight that lay behind a significant problem, and then act more broadly in applying disciplinary or remedial measures.