
Next week the US Federal Reserve will hold a research conference in Chicago as part of its review into the objectives and the operation of monetary policy. Further meetings will be held with stakeholders over the coming months, with findings due to be communicated to the public in the first half of next year. In recent years the widespread practice of targeting low rates of inflation has been found wanting. Our chart shows a long moving average of inflation in six inflation-targeting economies: the US, the euro area, the UK, Japan, Canada and New Zealand. Central Banks in each of