Not for publication before March 11, 2021 1:30 pm Eastern Time  -2rate at 0.25 percent until excess capacity in our economy is absorbed and the inflation rate returns sustainably to our 2 percent target. My purpose today is to explain the backdrop and the thinking behind yesterday’s monetary policy decision.
In doing so, I will highlight the key developments since our last decision in January and how our views of the economy have evolved. Like your business plans, our outlook is highly uncertain. It is conditional on the evolution of the virus, especially the new variants, and the timing of the vaccination rollout.