WASHINGTON - After 14 conferences, a couple dozen research papers and presentations and some very dense math, the Federal Reserve’s hunt for a better way to reach its inflation target may boil down to a single word: symmetric.
The persistent run of U.S. inflation below the central bank’s 2% target for most of the post-financial crisis era has bedeviled Fed officials eager to avoid the anemic growth and even falling prices that plague Japan and Europe. A simpler alternative may have already been put into motion: Pledge to keep rates at the current low level until inflation rises, and make clear in any statements or speeches that the Fed will be in no rush to squelch it when it does.Over the past year Fed Chairman Jerome Powell and policymakers in general have made that point clear, leaning heavily on the word “symmetric” to describe their inflation target.
By contrast, it never appeared more than once in a statement under former Chair Janet Yellen, and she used the term sparingly in her press conferences. Fed Governor Lael Brainard has coined another term for it - “opportunistic reflation” - that captures the spirit of some of the more complicated systems debated this year without the same risk, complexity or strict policy commitment. St. Louis Fed President James Bullard has said ideas discussed during the review would be worked into policy “slowly over time” rather than written “in stone.
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