Even though, with the wisdom of hindsight, it is clear that the growth we projected for the New Zealand economy in 1998 was too optimistic, that is not the same as saying that monetary policy itself was flawed. Every quarter, the Bank produces a new quarterly projection, and adjusts its position in the light of new data.
In doing so, we must be clear and transparent about the principles that are driving our decisions and about the expectations we have for the institutions we regulate. To conclude, inside the Federal Reserve, we understand that our decisions in all these areas matter for American families and communities. I am committed to making decisions objectively and based on the best available evidence.