>> HOWARD SCHNEIDER: Hi. Sorry. Howard Schneider with routers. 2.1% above target
for 2.5 years starts to feel like some of the alternate frameworks that have been discussed
here, be it targeting or trying to set expectations higher so that you hit your two. In deciding
how symmetric is too symmetric, what sort of parameters are you using on that front?
>> CHAIRMAN: You know, the -- our target for -- our medium-term objective for inflation
is 2% PCE inflation. We feel that that target has served the economy well, and I'm strongly
committed to it, the committee is strongly committed to it, the sort of barriers to making
a material change to that would be -- would be very high because, again, we think it's
fundamental and we think it's worked. You asked about price-level targeting and that sort
of thing. You know, there are some ideas that sort of take any sedans of the -- cognizance
that the rates are lower, we're near the zero bound, and that could put downward pressure
on inflation expectations if we're going to be down toward the zero lower bound and undermine
the 2% inflation objective, so the idea is to have kind of a makeup. If you're below target for
a while, you have an idea of being above target, and the idea is to enhance the credibility
of that 2% target. This is an idea that's been written about for many years. It's not something
that the committee has looked at seriously. I imagine we will be having discussions about it,
but not something that we have on the calendar right now.