Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

Well, it is complex. I would say “yes.” There are three things. First, people find the statement Rube Goldberg-ish. It just seems odd to say that it is less than 2 percent but close somehow, right? If you mean 1.9 percent, why don’t you say 1.9? Certainly criticism is directed there especially. Second, the fact is that the ECB hasn’t achieved it. On this back page, if you look at their 2 percent line, you’ll see that very seldom do they ever achieve it. That hasn’t helped the communication piece. Third, in general the ECB had communication problems. I can’t sort out those three, but I would say that my sense is that most people still see expressing it that way as a weak point.

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