Perhaps the setting of an explicit inflation target by the Federal Reserve might be analogous to its earlier setting of numerical money growth ranges. In 1978, the Congress instructed the Fed to report an objective for money growth. The FOMC then decided unilaterally on the numerical ranges.
Fifth, consistent with the discontinuance of ad hoc Treasury bills, the system of 91 days tap Treasury bills will also be discontinued with effect from April 1, 1997. Sixth, with the discontinuance of ad hoc Treasury bills and tap Treasury bills and the introduction of WMA, the concept of the conventional budget deficit loses its relevance.