On the recordMarch 24, 2004
Actually we have found that there are some very positive effects that have accumulated over the past several years in terms of a variety of good economic trends. For example, lower inflation that has resulted from various policies actually has improved economic growth through the appearance of lower interest rates directly as a result of lower inflation which can be primarily attributed to the policy of the Federal Reserve. It reduces unnecessary uncertainty and volatility in financial markets, it causes the price system to work better, it acts like a tax cut to have lower interest rates, especially for those portions of the Tax Code that are not indexed for inflation. The Fed's policy of inflation targeting has worked.
Said by
Jim Saxton
Source
govinfo.gov