Most central banks couldn’t move fast enough to ease in the throes of the pandemic. Armed with such assurances, and carrying more than a few scars from inflation’s failure to fire over the past decade, central banks have come to regard forecasts with scepticism. Meeting after meeting, the Committee held off on rate increases while believing that signs of rising inflation would soon appear. And meeting after meeting, inflation gradually declined." Public remarks weren’t as numerous and televised press conferences by Fed bosses after FOMC meetings didn’t start until 2011.

Source: Mint May 30, 2021 16:53 UTC