For nearly 20 years, I have advocated that the Fed make explicit its commitment to a numerical inflation objective in support of its full mandate. I believe that now is an opportune time to do so. First, it will increase the credibility of our commitment to keeping prices stable even as we employ new, less familiar policy tools.
I believe that in the last six years we got to know each other very well, so you can rest assured that in the period ahead we will continue to work to the benefit of our citizens and the economy, primarily by ensuring stability, but also by facilitating everyday life of citizens and businesses – for example, by introducing the instant payment system, which is the most advanced payment system currently available.