Officials would pledge not to raise interest rates until both the inflation and employment targets are hit.
Markets are anticipating a Fed that would adopt an even more accommodative approach than it did during the Great Recession.
Indeed, Powell said the policy statement will be "really codifying the way we're already acting with our policies. To a large extent, we're already doing the things that are in there." Powell and his colleagues came under fire in 2018 when they enacted a series of rate increases that eventually had to be rolled back. The Fed's benchmark overnight lending rateThe Fed and other global central banks have been trying to gin up inflation for years under the reasoning that a low level of price appreciation is healthy for a growing economy.
In recent days, Fed regional presidents Robert Kaplan of Dallas and Charles Evans of Chicago have expressed varying levels of support for enhanced guidance. Evans in particular said he would like to keep rates where they are until inflation gets up around 2.5%, which it has not been for most of the past decade.
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