Committee participants continued their discussions related to their review of the Federal Reserve's monetary policy framework, with a focus on labor market dynamics and the FOMC's maximum employment goal. The staff briefed policymakers on the concept of maximum employment and related labor market indicators. They discussed conceptual benchmarks used in evaluating the position of the labor market relative to maximum employment and in ascertaining the interaction of maximum employment and price stability. They discussed a set of core labor market indicators used to help assess maximum employment, including the ... (full story)