Because the economy is always evolving, the FOMC’s strategy for achieving its goals—our policy framework—must adapt to meet the new challenges that arise. Forty years ago, the biggest problem our economy faced was high and rising inflation. 3 The Great Inflation demanded a clear focus on restoring the  See Board of Governors (2018) and Clarida (2019).
The revised Statement on Longer-Run Goals and Monetary Policy Strategy is available on the Board’s website at https://www.federalreserve.gov/newsevents/pressreleases/monetary20200827a.htm.