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To run below our objective, a mild undershooting of the Unemployment Rate considered to be normal in the longer run could help inflation, could help move inflation back to 2 more quickly. Second, a stronger job market could also support labor market improvement along other dimensions, including greater labor force participation. A third reason relates to the risks associated with the constraint on conventional Monetary Policy when the federal funds rate is near zero. If inflation were to move persistently above 2 , or the economy were to become noticeably overheated, the committee could readily increase the target range for the federal funds rate. However, if inflation were to remain persistently low or the expansion were to falter, the fomc would be able to provide only limited amount of additional stimulus through conventional means. These motivations notwithstanding, i continue to believe that it will be appropriate to gradually reduce the degree of Monetary Policy accommodation, pr

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