Federal Reserve Bank of St. Louis President James Bullard said that policy makers at the central bank may be nearing consensus about clearly stating their goals for the rate of inflation.

“I think we’re very close to having inflation targeting in the U.S.,” Bullard said in a Bloomberg Radio interview today. “This may be the opportunity to get something done that everyone on the committee can rally around.”

“I think it would come in the form of some kind of statement from the committee that would name a target but would also reiterate some of the things we’ve said over the years about how keeping inflation low and stable contributes to great economic performance overall,” said Bullard.