In 2012, the Committee first released its statement on Longer-run Goals and Monetary Policy Strategy, which formalized the FOMC’s 2 percent inflation objective and is reaffirmed each year at the January meeting. 14  Board of Governors of the Federal Reserve System (2015), “Federal Reserve Issues FOMC Statement,” press release, October 28, paragraph 3.
15  Board of Governors of the Federal Reserve System (2016), “Federal Reserve Issues FOMC Statement,” press release, January 27, paragraph 4.