Regarding the maximum-employment leg of the dual mandate, the previous statement’s discussion of minimizing “deviations” of employment from its maximum level does not adequately reflect how the FOMC has actually conducted monetary policy in recent years—before the pandemic—as the actual unemployment rate was declining and, for several years, remained below SEP median  The FOMC published the statement for the first time alongside its January 2012 postmeeting statement; the document is available on the Board’s website at https://www.federalreserve.gov/newsevents/pressreleases/monetary20120125c.htm.
In turn, the option to auction RRPs will give the BSP the means to implement a full interest rate corridor for OMO in the future. Presently, our OMO is conducted with the RP as the ceiling and the SDA as the floor.