As noted previously, our longer-term forecasts of inflation are presumably influenced by our individual assessments of what inflation rate would be acceptable and consistent with fulfilling our congressional mandates, but we chose not to ask each participant for an explicit numerical definition of price stability.
We believed that the steps we were taking would provide additional information that could help clarify how we viewed price stability that at the same time would allow us to remain consistent with giving information about how we expected to fulfill our dual mandate.