We generally agreed that our current monetary policy framework is flexible enough to allow the Committee to choose the policy actions that best support our dual-mandate objectives in a wide variety of economic circumstances. Our discussions will continue at future meetings.
In particular, we have not yet begun to consider potential changes to communication practices, including the Committee’s consensus Statement on Longer-Run Goals and Monetary Policy Strategy. The statement has helped articulate and clarify the Federal Reserve’s approach to monetary policy, and we have agreed that any changes we might make to our strategy would likely call for some modification of this consensus statement.