A former Federal Reserve official argued that at the Fed, “the objectives of price stability and low long-term interest rates are essentially the same objective.” Briefly explain his reasoning....

A former Federal Reserve official argued that at the Fed,

“the objectives of price stability and low long-term interest

rates are essentially the same objective.” Briefly explain his

reasoning.

Source: William Poole, “Understanding the Fed,” Federal Reserve Bank

of St. Louis Review, Vol. 89, No. 1, January/February 2007, p. 4.