Following the last review, the Fed outlined a policy that became known as flexible average inflation targeting. The move was a stated intent to allow inflation to run slightly over the Fed's 2% target for a period of time in the interest of providing full and inclusive employment across the economy, including for race and gender.

President Donald Trump’s significant policy changes, including on tariffs, are unlike anything seen in modern history, putting the Federal Reserve in uncharted waters, Chair Jerome Powell said Wednesday.