Oversight was assigned to a Board of Governors in Washington, D.C. That decentralized structure is one of our great strengths, but it requires that I begin by reminding you that the views I express this morning are my own and do not necessarily reflect those of the Federal Reserve System or my colleagues on the Federal Open Market Committee (FOMC).
Of course, we will continue to look at this question, but the evidence would have to be quite compelling before the target would be changed. Another issue that we continue to examine is whether we should target the actual level of prices rather than the inflation rate. Let me explain what I mean.