But, rather than recognize the likely drivers of these developments – namely, a seemingly chronic shortfall of global aggregate demand amid a supply glut and a deflationary profusion of technological innovations and new supply chains – the Fed continues to minimize the deflationary impact of global forces. It would rather attribute low inflation to successful inflation targeting, and the Great Moderation that it presumably spawned.
但是，美联储没有看到这些发展态势背后可能的驱动力——即，在供给过剩和大量科技创新和新供应链带来的通缩效应下，全球总需求可能进入了长期萎靡——而是继续致力于尽量降低全球力量的通缩效应。它宁愿将低通胀归因于成功的通胀目标政策，以及很可能是因此形成的大稳健（Great Moderation）。