Mind you, my intention is not to declare, oh, woe is us. Thanks in no small measure to the scores of professionals long found in the four walls of the Federal Reserve System – and ample access to information – the Fed possesses both the commitment and resources to tackle these policy challenges.
And, by virtue of the Fed's institutional credibility, bequeathed to today's Federal Open Market Committee by its predecessors, the policy response tends to be as highly anticipated as it is consequential. But in affirming our formidable assets, it is similarly not my intention to suggest that we have devised error-free policies to painlessly and smoothly achieve agreed-upon objectives.