WASHINGTON: The Federal Reserve on Thursday rolled out a sweeping rewrite of its approach to its dual role of achieving maximum employment and stable prices, putting new weight on bolstering the U.S. labor market and less on worries about too-high inflation.
The Fed's new monetary policy strategy, unveiled at the start of an annual central banking conference, pledges to address "shortfalls" from the "broad-based and inclusive goal" of full employment, a nod to research showing racial income disparities hold back economic growth.