The FOMC statements starting with September 2020 indicate the conditions for liftoff: “The Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee’s assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time” (paragraph 4).
The statements are available on the Board’s website at https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm. 6 The FOMC statements starting with September 2020 read: “With inflation running persistently below this longer-run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer-term inflation expectations remain well anchored at 2 percent” (paragraph 4).