But it continues to treat two years as a benchmark, in the sense that it feels compelled to explain why it is choosing a different time horizon. To sum up: I’ve suggested that the FOMC clarify that its inflation target is symmetric and that the Committee typically seeks to achieve that target within a two-year horizon.
The growing role of the Asia-Pacific region in the global economy  Let me therefore briefly elaborate on the first of these two aspects: the growing role of the Asia-Pacific region in the global economy, which is evident in both demographic and economic terms. Consider first demography. The Asia-Pacific region is home to about half of the world’s population.