This is why so many countries have structured their central banks with a great deal of independence from political interference. Despite the strong arguments for political independence, there continue to be proposals that would make monetary policy subject to more political interference. In recent years, this effort has manifested itself in the movement in Congress to pass an “Audit the Fed” bill.
This is to help ensure that inflation reverts to within target range next year. And this is what we expect. We have not wavered in our commitment to price stability. Even as we deal with disruptions from external and domestic factors affecting the supply side, we have put to good use the monetary tools at our disposal.