Chairman explains basic reaction function: tighten when inflation rises, loosen when it falls.

Any central banker, especially a central banker where the labor markets are more or less at equilibrium. Any central banker, when he or she sees underlying inflation moving higher, he or she is more inclined to tighten policy. Again, when you've achieved the other side of your mandate and you see underlying inflation falling. He's more inclined to loosen policy. That's my reaction function and I don't suspect it will cause people to not continue to pry for more because the truth is for a very long time in a lot of countries, coming out of the 2008 crisis, we're in crisis mode, we were purposefully providing a lot of information, trying to provide a lot of assurance, trying to tell people exactly what we're going to do.