A review of the strategies, tools and communication practices it uses to pursue its congressionally assigned mandate of maximum employment and price stability will be undertaken by the Federal Reserve in 2019, the central bank said in a release Thursday.
The review “will include outreach to a broad range of interested stakeholders,” it said.
“With labor market conditions close to maximum employment and inflation near our 2% objective, now is a good time to take stock of how we formulate, conduct, and communicate monetary policy,” said Federal Reserve Chairman Jerome (“Jay”) Powell.
The Fed, as part of its outreach, plans to sponsor a research conference June 4-5 at the Federal Reserve Bank of Chicago, with speakers and panelists from outside the Federal Reserve System. Reserve Banks will also host a series of public events around the country to hear from a wide range of stakeholders, according to the release.
Beginning around mid-2019, Federal Reserve policymakers will discuss the perspectives offered during these events as it reviews how to best pursue the Fed’s statutory mandate. “At the end of the process, policymakers will assess the information and perspectives gathered during the year of review and will report their findings,” it said.
Federal Reserve to review strategies, tools, and communication practices it uses to pursue its mandate of maximum employment and price stability