Still, central banks will have to remain true to their mandates of ensuring price stability. This mandate should be interpreted as a symmetric mandate. Too low inflation, or even deflation, for a prolonged period of time cannot be seen as consistent with price stability.
Accordingly, the Committee has been giving careful consideration to the elements of its exit strategy, and, as reported in the minutes of the June FOMC meeting, it has reached a broad consensus about the sequence of steps that it expects to follow when the normalization of policy becomes appropriate.