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Transitioning Monetary Policy

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  • Loretta J. Mester

Abstract

This year will be one of transition for monetary policy. We will be transitioning away from the extraordinarily accommodative monetary policy that was needed earlier in the pandemic and recalibrating policy to today’s economic challenges. The FOMC is taking steps to begin that process. Our main policy tool is the federal funds rate. Since March 2020, the FOMC has maintained the target range of the fed funds rate at 0 to 1/4 percent to support the economy. At our January meeting, the Committee announced that it will soon be appropriate to raise the target range.

Suggested Citation

  • Loretta J. Mester, 2022. "Transitioning Monetary Policy," Speech 93727, Federal Reserve Bank of Cleveland.
    • Handle: RePEc:fip:fedcsp:93727
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    Keywords

    Monetary Policy;

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