And, by virtue of the Fed's institutional credibility, bequeathed to today's Federal Open Market Committee by its predecessors, the policy response tends to be as highly anticipated as it is consequential. But in affirming our formidable assets, it is similarly not my intention to suggest that we have devised error-free policies to painlessly and smoothly achieve agreed-upon objectives.
On monetary policy…today The Fed is not omniscient. Neither are our tools uniquely and perfectly suited to ensure that the ills of yesterday do not recur. Nor can we guarantee that our policy response alone will set the economy on a steady and obvious path to unequalled prosperity. We run serious risks if we overstate our knowledge or overplay our hand.