Is There a Resolve to Bring Inflation Under Control?

I worry whether we have the resolve to bring inflation under control today. I took some comfort from your recent remarks in Jackson Hall, which seemed an attempt to signal that kind of resolve. The longer inflation remains well above target, the greater the risk that the public does begin to see higher inflation as the norm. So finally, history cautions strongly against prematurely loosening policy. We will keep at it until the job is done.