5 Whereas our previous strategy had been to minimize deviations from maximum  4 See Jerome H. Powell (2020), “New Economic Challenges and the Fed’s Monetary Policy Review,” speech delivered at “Navigating the Decade Ahead: Implications for Monetary Policy,” an economic policy symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyo., August 27, https://www.federalreserve.gov/newsevents/speech/powell20200827a.htm; and Richard H. Clarida (2020), “The Federal Reserve’s New Framework: Context and Consequences,” speech delivered at the “Economy and Monetary Policy” event hosted by the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution, Washington, November 16, https://www.federalreserve.gov/newsevents/speech/clarida20201116a.htm.
5 See Lael Brainard (2020), “Bringing the Statement on Longer-Run Goals and Monetary Policy Strategy into Alignment with Longer-Run Changes in the Economy,” speech delivered at “How the Fed Will Respond to the COVID-19 Recession in an Era of Low Rates and Low Inflation,” an event hosted by the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution, Washington, September 1, https://www.federalreserve.gov/newsevents/speech/brainard20200901a.htm.