Jeffrey Lacker is a former president of the Federal Reserve Bank of Richmond, where he served as its head from 2004 to 2017, and more recently served as a distinguished professor of economics at the Virginia Commonwealth University School of Business through 2022. Currently, Jeff serves on the Shadow Open Market Committee. He joins David on Macro Musings to discuss the traditions of the Richmond Fed, the history of the Federal Reserve's implicit inflation target prior to 2012, the two percent inflation target the Fed formalized in 2012, the more recent transition to an average inflation target, what the Fed should consider during its next comprehensive framework review, and much more. Transcript for the episode can be found here. Jeffrey's website Jeffrey's Richmond Fed profile David's Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings Click here for the latest Macro Musings episodes sent straight to your inbox! Related Links: *A Look Back at the Consensus Statement* By Jeffrey Lacker *Money Market Fund Reform: Dealing with the Fundamental Problem* by Jeffrey Lacker

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“What did the council decide on item 42?” — answered with the speaker and the moment.