Board of Governors of the Federal Reserve System

FOMC’s communications toolbox The Fed has tended to lag best practice ...FOMC input into the choice of scenarios to release • An FOMC consensus

FOMC” and the “Committee” in these minutes; the Board of Governors of

FOMC’s Monetary Policy Strategy Carl E. Walsh University of California...FOMC’s gamble The FOMC took a gamble in not more quickly responding to

FOMC) last reviewed this important document in 2019–2020. At that time...FOMC’s policy communication tools. 1 The views expressed here are my own

FOMC) is firmly committed to fulfilling its statutory man- date from the...FOMC Federal Open Market Committee; also, the Committee GDP gross domestic

FOMC, or Committee) chose to do so. Second, also unlike almost all other...FOMC’s post-meeting statement, minutes of policy meetings, the semi-annual

FOMC) meeting held on June 17–18, 2025, meeting participants submitted...FOMC participants’ assessments of appropriate monetary policy: Midpoint

FOMC) has maintained the target range for the federal funds rate at 4¼...FOMC’s obligation is to keep longer-term inflation expectations well anchored

FOMC’s communications toolbox The Fed has tended to lag best practice ...FOMC input into the choice of scenarios to release • An FOMC consensus

FOMC to change the policy stance at the constrained lower bound; above...FOMC’s routine communications, and LSAPs may be needed to address periods