Fed Chair Powell: Our policy actions depend on the economic outlook and the risks to that outlook

into account the extent of departures from our goals and the potentially different time horizons over which each is projected to return to a level consistent with our dual mandate. These principles guide our policy decisions today as they did in the 2022 to 24 period when the departure from our 2% inflation target was the overriding concern. In addition to these changes, there is a great deal of continuity with past statements.The document continues to explain how we interpret the mandate Congress has given ...