Furthermore, monetary policy affects the economy and inflation with long and varied lags, and the full effects of our rapid tightening are still likely ahead of us. We are balancing the directives of the dual mandate given to us by the U.S. Congress.
This is not an easy task in these uncertain times, but I can assure you that I and my colleagues on the FOMC take it quite seriously and with great humility. It is in this sense that I believe that we are well "on track." Thank you. References Croushore, Dean (1992). "What Are the Costs of Disinflation?"