In this regard, the U.S. banking agencies recently issued guidance describing how we expect the implementation process will work in the United States and some steps that banking organizations could consider.
Inflation has come down worldwide, in countries without, as well as with, inflation targets. Moreover, I share David's puzzlement about why an explicit inflation goal should make a substantial difference in performance given the paucity of evidence showing that choosing a target directly affects the level of the public's inflation expectations.