Fed plans major review of how it pursues inflation, employment goals

WASHINGTON (Reuters) – The Federal Reserve will conduct an extensive review next year of how it tries to guide the U.S. economy, the U.S. central bank said on Thursday.

“Now is a good time to take stock of how we formulate, conduct, and communicate monetary policy,” said Federal Reserve Chairman Jerome Powell, noting that the Fed was close to meeting its goals of maximum employment and a 2 percent inflation rate.

In a statement, the Fed said it would reach out to a “broad range” of stakeholders and that it planned to host a research conference in June to support the review. The research conference will be held at the Federal Reserve Bank of Chicago.

Fed policymakers plan to discuss the perspectives gained in the outreach around the middle of the year, and would subsequently report their findings, the Fed said.

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