Federal Reserve plans the first five-year review of its monetary policy framework, indicating strategic updates to monetary policy tools and communication practices.
The Federal Reserve’s first formal, public review of its monetary policy framework (MPF) was completed in 2020 and included a plan to review monetary policy strategy, tools, and communication practices roughly every five years. The review conducted in 2025 thus constituted the Fed’s first five-year review of its MPF.
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Leduc et al. (2025) studied this question.
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