Pleasant words, “stunts” from the past or delaying price increases cannot do the trick, not in the medium run, and even less in the long run.
Today I would like to share with you my perspectives gleaned from thirty months on the Board and twenty FOMC meetings. I was most impressed at my first FOMC meeting in December 2001 by the extraordinary level of preparation by and for the FOMC members. Let me begin by describing the contributions of the twelve Bank presidents.