We also expect it will be appropriate to maintain the current target range for the federal funds rate at 0 to 1/4 percent until labor market conditions have reached levels consistent with the Committee’s assessments of maximum employment, until inflation has risen to 2 percent, and until inflation is on track to moderately exceed 2 percent for some time.
In addition, in the December statement, we combined our forward guidance for the federal fund rate with enhanced, outcome-based guidance about our asset purchases. See the FOMC statements issued after the September, November, and December meetings, which are available (along with other postmeeting statements) on the Board’s website at https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm.