Our work at the Federal Reserve will certainly be enhanced through our continuing exploration of these issues. Thank you for taking the time to join us today. 1 The views expressed are my own and not necessarily those of other Federal Reserve Board members or  Federal Open Market Committee participants.
We watch developments in inflation carefully to distinguish between temporary and lasting effects. Fortunately, central banks have considerable experience dealing with inflation that is above target and can act quickly to rein it in. In fact, given household debt levels, we think that interest rate increases could have a larger impact than in the past.