A year ago, these considerations inclined Federal Reserve policymakers toward an easier stance of policy aimed at limiting the risk of deflation even though baseline forecasts from most conventional models at that time did not project deflation; that is, we chose a policy that, in a world of perfect certainty, would have been judged to be too loose.
Speech  The Usual Transmission – Monetary Policy and Financial Conditions Christopher Kent [ * ] Assistant Governor (Financial Markets) Address to Finance & Treasury Association Sydney – 13 August 2019  Introduction I'd like to start by thanking the Finance and Treasury Association for the opportunity to speak to you today about the transmission of monetary policy.