It makes clear that the timing of liftoff will depend on realized progress toward maximum employment and 2 percent average inflation.
The FOMC statement notes that monetary policy will remain accommodative after liftoff in order to achieve “inflation moderately above 2 percent for some time so that inflation averages 2 percent over time.” 16 Even after economic conditions warrant liftoff, changes in the policy rate are likely to be only gradual to support the inflation makeup strategy and maximum employment.