Montecfo
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According to the Richmond Fed, discussions about a target, with no consensus on whether there should be one much less what it should be, began in the mid 1990s. Long story short, that debate continued right up until the time the 2% target was adopted in 2012.
![www.richmondfed.org](/proxy.php?image=https%3A%2F%2Fwww.richmondfed.org%2F-%2Fmedia%2FRichmondFedOrg%2Fassets%2Fimages%2Fstandard%2Fstock%2Fecon_brief%2F2020%2Feb_20-04_discountwindow_stigma_pisi.jpg&hash=113855ff0936ef7291d967f5c711edc9&return_error=1)
The Origins of the 2 Percent Inflation Target
The FOMC established its explicit inflation target in January 2012 after a decades-long deliberation. It came in part from the Richmond Fed.
www.richmondfed.org