A step the Committee could consider, if conditions called for it, would be to modify the language of the statement in some way that indicates that the Committee expects to keep the target for the federal funds rate low for longer than markets expect. Such a change would presumably lower longer-term rates by an amount related to the revision in policy expectations.
Second, the declining labour share in total income (see first column “Share”) is a broad-based international problem, which Hall characterised as “the hot topic in quantitative macroeconomics”. (Not only is it present in the US, many European countries and Japan but also in China; see Karabarbounis and Neiman (2014), Figures II and III, and Hall 2017, Figure 2).