But even back then, not everyone on the Fed’s rate-setting Federal Open Market Committee was comfortable with the plan. She ultimately voted for the decision alongside Ms. Yellen and her fellow policymakers. “The recent price data give little hint that this undershooting of our target will end any time soon,” Ms. Brainard said of inflation at the time, according to the transcript. “First, as the chair has emphasized, our actions become effective with a lag. And, third, the signal we will be sending will reinforce the fact that our economic situation is continuing to normalize.”

Source: International New York Times January 08, 2021 19:18 UTC