*  *  *  The views expressed are my own and not necessarily those of the Federal Reserve System or the FOMC. Highlights •  President Plosser believes the Federal Open Market Committee has to revamp its current forward guidance regarding the future federal funds rate path because the 6.5 percent unemployment threshold has become irrelevant.
•  President Plosser points out that before offering new forward guidance, the FOMC ought to be clear about its purpose. Is it purely a transparency device, or is it a way to commit to a more accommodative future policy stance to add more accommodation today? •  President Plosser notes that commitment is required to be successful in either approach to forward guidance.