**Federal Reserve Announces Details for Upcoming Monetary Policy Review**

The Federal Reserve has unveiled new details regarding its forthcoming periodic review of the monetary policy strategy, tools, and communication framework that guides its efforts to achieve maximum employment and price stability, as mandated by Congress. This review will primarily address two key areas: the Federal Open Market Committee's (FOMC) statement on long-term goals and monetary policy strategy, and the communication tools used by the Committee. Notably, the two percent longer-run inflation goal will not be a part of this review.

Emphasizing the importance of an adaptive approach, Federal Reserve Chair Jerome H. Powell stated, "We are open to new ideas and critical feedback and will take onboard lessons from the last five years and adapt our approach where appropriate to best serve the American people, to whom we are accountable."

The upcoming review will mirror the process concluded in 2020, incorporating outreach and public events to gather perspectives from various stakeholders. As part of this initiative, a research conference is scheduled for May 15-16, 2025. This conference will feature speakers and panelists from outside the Federal Reserve System, offering diverse insights and expertise.

Additionally, the Federal Reserve will continue its Fed Listens events around the country, facilitating broader public engagement. Internal discussions among Federal Reserve policymakers will commence at the FOMC meeting on January 28-29, 2025.

Upon completion of the review, policymakers will evaluate the gathered information and perspectives, with a final report summarizing their findings. This marks the second comprehensive review, with the first having started in 2019 and concluded in mid-2020.