2  BIS central bankers’ speeches  Monetary policy With unemployment well above normal levels and inflation subdued, fostering our congressionally mandated objectives of maximum employment and price stability requires a highly accommodative monetary policy. Normally, the Committee would provide policy accommodation by reducing its target for the federal funds rate, thus putting downward pressure on interest rates generally.
For example, recent monthly surveys of the National Federation of Independent Businesses (NFIB), which are available through October, suggest that financing conditions for small businesses have deteriorated substantially over the past several months.