Evolution of the Fed’s Monetary Policy Framework We began this public review in early 2019 to assess the monetary policy strategy, tools, and communications that would best foster achievement of our congressionally assigned goals of maximum employment and price stability over the years ahead in service to the American people.
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).