While these principles do not constitute a complete monetary policymaking framework, I think they are useful when thinking about features of such frameworks. Conclusion By way of concluding, I would like to return to the question of whether current monetary policy is "on track" but allow for the wider defining lens of "achieving or doing what is necessary or expected."
The national unemployment rate was 3.6 percent in March 2022 when the current monetary policy tightening cycle began. Today, after 500 basis points of tightening of the policy rate, the national unemployment rate stands at a nearrecord low of 3.4 percent. At its recent peak, total PCE inflation was 7 percent in June 2022. Currently, it is 4.2 percent in March 2023.