Since 2009, the Federal Reserve has published the Committee participants’ longer-run projections of the inflation rate, the unemployment rate, and economic growth four times a year in conjunction with the minutes of FOMC meetings.
Based on their longer-run projections for inflation, Committee participants judge that an inflation rate of 2 percent or a bit less, as measured by the price index for personal consumption expenditures, is most consistent with our statutory mandate of maximum employment and price stability.2 The Committee currently strives for as low an unemployment rate as possible, consistent with price stability.