Federal Reserve Board – Federal Open Market Committee announces approval of updates to its Statement on Longer-Run Goals and Monetary Policy Strategy

The Federal Open Market Committee (FOMC) on Friday announced the unanimous approval of updates to its Statement on Longer-Run Goals and Monetary Policy Strategy, which articulates the Committee’s approach to monetary policy and serves as the foundation for its policy actions. The updated statement, also commonly known as the consensus statement, emphasizes that the FOMC’s monetary policy strategy is designed to promote the congressionally-assigned goals of maximum employment and stable prices across a broad range of economic conditions for the benefit and well-being of all Americans.

The Committee first adopted a framework statement in 2012. The first public review of its framework took place in 2019-20, and the 2025 review was announced in November 2024. Today’s updates reflect lessons from the economy over the past five years, and are intended to enhance the transparency, accountability, and effectiveness of monetary policy.

The 2025 review included Fed Listens events at Reserve Banks around the country and a research conference that was held in May. The Committee’s two percent longer-run inflation goal was not a focus of the review.

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