The Federal Reserve should formally announce a “commitment to an explicit 'mandate-consistent’ rate of inflation that it uses as its long-run objective for its policy deliberation,” the Shadow Open Market Committee said Tuesday.

It also urged the Fed to state a “strategic framework for credibly delivering a low-inflation environment,” since Federal Reserve Board chairman Ben Bernanke said in his April press conference that “the longer-run outlook for inflation is determined almost entirely by monetary policy.”

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