First and foremost, it is to keep our own house in order. Economic and financial volatility in any country can have negative consequences for the world, but sizable and significant spillovers are almost assured from an economy that is large.
At a fundamental level, it underscores that the primary goal of monetary policy should be to keep inflation low, stable, and predictable. While commodity-price shocks raise complex issues, a relentless focus on inflation clarifies policy decisions, makes communications easier, and maximizes the likelihood that expectations will remain well anchored.