By contrast, 2/4  BIS central bankers' speeches  until this year, the appropriate focus of policy had been to return employment and inflation to levels consistent with our dual-mandate objectives. With the economy now operating at or close to mandate-consistent levels for inflation and unemployment, the risks that monetary policy must balance are now more symmetric and less skewed to the downside.
Policy Remains Accommodative I supported the FOMC's decision last month to raise the target for the federal funds rate to a range of 2 to 2-1/4 percent.