The Federal Open Market Committee (FOMC) has unanimously reaffirmed its “Statement on Longer-Run Goals and Monetary Policy Strategy” during its annual organisation meeting this week. This statement, often referred to as the consensus statement, outlines the Committee’s approach to monetary policy and serves as a guide for its decisions.
The reaffirmed statement is identical to the version adopted in August 2020. This consistency underscores the Committee’s commitment to its established framework for achieving its dual mandate of maximum employment and price stability. The FOMC believes this strategy best promotes the economic well-being of the United States.
The Committee first adopted a similar statement in January 2012, marking a significant step toward greater transparency and clarity in its communication of monetary policy objectives. The continued reaffirmation of this statement reflects the FOMC’s confidence in its long-term strategy.
