- 10 Concluding Remarks In closing, I think of our new flexible average inflation-targeting framework as a combination of TPLT at the ELB, to which TPLT reverts once the conditions to commence policy normalization articulated in our most recent FOMC statement have been met.
In this sense, our new framework indeed represents an evolution, not a revolution, from the flexible inflation-targeting framework in place since 2012. Thank you very much for your time and attention, and I look forward to my conversation with Peter Ireland and Athanasios Orphanides. - 11 References Ahn, Hie Joo, and Chad Fulton (2020). “Index of Common Inflation Expectations,” FEDS Notes.