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Lucas critique warns measuring inflation consistently with objectives may make measures less effective.

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But I'll say this, some version of the Lucas critique, some version of good hearts law and economics should remind us that when we talk about measures of inflation or something else and we describe those measures as being consistent with our objectives, we might make them such that they're not very good measures or very good objectives. Broadly, if you said to me standing in front of you, I abide fully by the strategy document. We're going to deliver 2% inflation and not a whisper more. But to achieve that, I'm looking at a broader set of inflation data than PCE.
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