But at least some danger lies in introducing new possibilities for tension. None of these supposed political costs of inflation targeting are certain, all could be readily handled, and it is at least possible that only vague congressional support for inflation targeting would ultimately be necessary.
Operationally, this could be carried out by a lower-for-longer forward guidance policy regarding the policy interest rates, when needed. As, in the longer term, inflation would be at the target on average, inflation expectations that are consistent with the target would be supported. This would help avoid an unintended equilibrium with low expectations and unnecessarily low nominal interest rates on average.