We must carefully watch for signals of inflation and altered expectations to ensure that monetary policy stays ahead of the curve. As  BIS central bankers’ speeches  5  we move forward in this time of change, clear communications regarding our actions and objectives will be of the utmost importance.
I believe we can be most successful in exiting from this period of extraordinary accommodation and nontraditional policies if we communicate a systematic plan that describes where we are headed and how we will get there. Such a plan would be strengthened if the FOMC adopted an explicit numerical objective for inflation, which would help ensure that inflation expectations remain well anchored.