Walsh began by reiterating that there was no “soft target” for 2 per cent inflation

On 30 July, at the opening press conference, Federal Reserve Chairman Walsh reaffirmed the Fed ' s firm commitment to the 2 per cent equivalent inflation target. Walsh indicated that the Committee would be steadfast in achieving price stability. In the current climate of uncertainty, the absence of forward guidance is a “precautionary” approach. He stressed to journalists that there was no so-called “soft inflation target” for the Fed and no other implicit target, and that the only inflation target was 2 per cent. Turning to the overall economic situation, Walsh stated that the United States economy had shown “an impressive resilience” and that, despite a series of recent shocks, the overall development trend remained positive。