WASHINGTON–The Federal Reserve said that in 2019 it will review its strategies, tools and communication practices it uses to pursue its congressionally assigned mandate of maximum employment and price stability.
The review “will include outreach to a broad range of interested stakeholders,” the Fed said in a statement.
As part of its outreach, the Fed plans to sponsor a research conference June 4-5, 2019, 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 statement.
“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 in the statement.
In mid-2019, the Fed said it 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.