Let me also recall the lack of support of the American people, and of Congress itself, for providing the US Administration with the funds necessary to sustain the US financial system through the TARP programme in September 2008.
Lower longer-term inflation outcomes are important for maintaining purchasing power, containing the costs of living and of doing business, and supporting our country’s global competitiveness. However, as we have indicated in the past, improving the potential growth rate of the economy cannot be left to the central bank alone.