And a subcommittee appointed in 2006, led by the then Vice Chairman Kohn, considered the adoption of a numerical inflation objective and recommended enhancements that were incorporated in the Summary of Economic Projections. 4  BIS central bankers’ speeches  2 percent, a level that many took to be an implicit target of the FOMC.
There was even an ongoing risk that low inflation might turn to deflation and further hamper growth.