Federal Reserve Announces Additional Information About the Periodic Review of Its Monetary Policy Strategy, Tools, and Communications
November 22, 2024
The Federal Reserve today announced the publication of a document providing additional information about the periodic review of its monetary policy strategy, tools, and communications practices. The document is intended to provide a more comprehensive understanding of the review process, including the schedule for public engagement, the issues under consideration, and the framework for evaluating potential changes.
The review is part of the Federal Reserve’s ongoing efforts to ensure that its monetary policy framework remains effective in achieving its dual mandate of price stability and maximum employment. The review will consider a wide range of issues, including:
- The appropriate objectives and targets of monetary policy
- The tools and instruments used to implement monetary policy
- The effectiveness of the Federal Reserve’s communications practices
The review will also consider the implications of recent economic and financial developments, including the COVID-19 pandemic and the ongoing war in Ukraine.
The Federal Reserve will seek public input throughout the review process. The document published today outlines the schedule for public engagement, which will include:
- A series of public hearings in early 2025
- A public comment period following the release of a discussion paper in mid-2025
- A public meeting to consider the results of the review in late 2025
The Federal Reserve will also engage with a wide range of stakeholders, including economists, financial market participants, and the general public. The goal of this engagement is to gather diverse perspectives and to ensure that the review is informed by a broad range of views.
The framework for evaluating potential changes will be based on the following criteria:
- Effectiveness: Will the proposed change improve the Federal Reserve’s ability to achieve its objectives?
- Feasibility: Is the proposed change practical and implementable?
- Acceptability: Will the proposed change be widely accepted by the public and stakeholders?
The Federal Reserve is committed to conducting a thorough and transparent review of its monetary policy framework. The additional information published today is intended to provide a clear understanding of the process and to encourage public engagement.
The document is available on the Federal Reserve’s website at: [link to document]
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