In response, we have made changes to monetary policy that can be expected to support fuller and broader-based employment than in earlier recoveries, improving opportunities for workers who have faced structural challenges in the labor market.
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.