As part of its review at that time, the Board considered some alternative regulatory approaches. For example, it gave serious consideration to reducing the credit card interchange benchmark from 50 to 30 basis points. It decided not to do so at that time, but left the option on the table for subsequent review.
Now, to those of you who are already starting to get worried, I have some relief: I won’t subject you to my thoughts on physics, or metaphysics for that matter. I won’t talk about balls and gravity, but about inflation and interest rates. These are most unusual times for central bankers. The world seems to have turned upside down.