Or, to put it another way, if monetary policymakers only have non-standard instruments in their arsenal, they can also make do with waiting a little longer for inflation to return to a path that is consistent with the definition of price stability.
I believe it is particularly important to bring together community bankers at conferences like this to discuss issues impacting your banks and the communities that you serve. As many of you know, before joining the Federal Reserve, I was a community banker and more recently had the privilege to serve as the Kansas State Bank Commissioner.