I can also report that, through the regional meetings of regulators that I referred to earlier, we have now had contact with regulators from over 100 countries, and the degree of awareness among regulators is, I find, uniformly high.
This range should be understood as a preferred range that would not bind the committee or override other important objectives of monetary policy. It should clearly be understood as a long-term objective, not a short-term objective. The FOMC would not have to defend any deviations from the preferred range.