An important evolution in our new framework is that the Committee now defines maximum employment as the highest level of employment that does not generate sustained pressures that put the price-stability  See Ahn and Fulton (2020) for a discussion of the CIE index and Ahn and Fulton (2021) for a link to the regular update. 10  -8mandate at risk.
11 As a practical matter, this means to me that when the unemployment rate is elevated relative to my SEP projection of its long-run natural level, monetary policy should, as before, continue to be calibrated to eliminate such employment shortfalls, so long as doing so does not put the price-stability mandate at risk.