With this background, let me now turn to the outlook for U.S. monetary policy. Monetary Policy As I mentioned earlier, my colleagues and I on the FOMC understand that our priority today is to put in place policies that will help sustain maximum employment and price stability in an economy that appears to be operating close to both of our dualmandate objectives.
In our most recent statements, we have indicated that “the  11  See Yellen (2015) for a discussion of inflation dynamics and monetary policy, and see Erceg and others (2018) for a quantitative exploration of the monetary policy implications of a flat Phillips curve in an uncertain economic environment.