I am delighted to be in San Francisco today to participate in this Fed Listens conference, "A Hot Economy: Sustainability and Trade-Offs," which is one of a series of events associated with the Federal Reserve's 2019 review of our monetary policy strategy, tools, and communication practices.
Motivation for the Review
Although I will have more to say about the review in a moment, let me state at the outset that we believe our existing framework, which has been in place since 2012, has served us well and has enabled us to achieve and sustain our statutorily assigned goals of maximum employment and price stability. However, we also believe now is a good time to step back and assess whether, and in what possible ways, we can refine our strategy, tools, and communication practices to achieve and maintain our goals as consistently and robustly as possible.