For a discussion, see Mishkin (2007). Quoted text from the Federal Reserve Act is in 12 U.S.C. § 225a (2000), https://www.federalreserve.gov/aboutthefed/section2a.htm. 10  -5Our existing monetary policy strategy is laid out in the Committee’s Statement on Longer-Run Goals and Monetary Policy Strategy.
11 First adopted in January 2012, the statement indicates that the Committee seeks to mitigate deviations of inflation from 2 percent and deviations of employment from assessments of its maximum level. In doing so, the Federal Open Market Committee (FOMC) recognizes that these assessments of maximum employment are necessarily uncertain and subject to revision.