Refreshing the Fed’s Policy Framework

May 19, 2025 — Federal Reserve Chair Jerome Powell delivered the opening remarks at last week’s Thomas Laubach Research Conference, focusing on the Federal Open Market Committee’s (FOMC) review of its Monetary Policy Framework. The Fed is committed to conducting a public review every five years to ensure the framework remains responsive to changing economic conditions. The last assessment was in 2020, during the Covid-19 pandemic, and the review that is taking place now is expected to result in updates that could shift how the Fed responds to economic and financial developments.