I witnessed firsthand the leadership, the concern for the U.S. economy, and the political courage the chairman displayed as he led us through this tumultuous time. I wholeheartedly believe that without the actions taken by the Federal Reserve to fight the financial crisis, our financial system would have frozen and the outcome for the economy would have been unthinkable.
Starting with our September FOMC statement, we communicated that inflation reaching 2 percent is a necessary condition for liftoff from the ELB. This condition refers to inflation on an annual basis. TPLT with such a one-year memory has been studied by Bernanke, Kiley, and Roberts (2019). The  The Statement on Longer-Run Goals and Monetary Policy Strategy articulates the inflation objective (see note 5).