At this juncture, the Committee has not agreed on specific criteria or triggers for further action, but I can make two general observations. First, the FOMC will strongly resist deviations from price stability in the downward direction.
Falling into deflation is not a significant risk for the United States at this time, but that is true in part because the public understands that the Federal Reserve will be vigilant and proactive in addressing significant further disinflation.