Much of the coverage of the Federal Reserve's review of its monetary policy framework--
which culminated in the release of a new statement of its long-term goals--focused on how
the Fed would change its approach for achieving one part of its congressional mandate,
price stability, which the Fed defined in 2012 as two percent inflation. Indeed, the new
statement says that the Fed's policy committee, the Federal Open Market Committee
(FOMC), will now focus on achieving inflation that averages two percent over time, rather …