Testimony by the President of the Federal Reserve Bank of Richmond in support of House Joint Resolution 409. That bill, sponsored by Rep. Stephen Neal (D-NC) would require the Federal Reserve to achieve zero inflation within five years of passage.

Inflation remains a potential longer-run threat to the health of the economy despite the progress made in reducing the inflation rate in recent years. The Fed must have a credible strategy in place to meet this threat. As Richmond Fed president Robert P. Black notes in this speech to business...