The decision to allow the labor market to continue  healing after the unemployment rate effectively reached the 5 percent median Summary  Lael Brainard (2015), “Economic Outlook and Monetary Policy,” speech delivered at the 57th National Association for Business Economics Annual Meeting, Washington, D.C., October 12, https://www.federalreserve.gov/newsevents/speech/brainard20151012a.htm.
6 In the FOMC’s Summary of Economic Projections (SEP), the longer-run unemployment rate represents each participant’s assessment of the rate to which the unemployment rate would be expected to converge under appropriate monetary policy and in the absence of further shocks to the economy. The SEP is an addendum to the FOMC meeting minutes, which are available on the Board’s website at https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm.