Federal Reserve Chairman Powell stated that policymakers are considering adjusting the core content of the monetary policy guidance framework, including the way the US employment "gap" is described, and thoughts on how to achieve the inflation target. In 2020, the Federal Reserve made two important reforms to guide the economy: first, after a period of inflation persistently below 2%, allowing inflation to moderately exceed 2% for a period of time; second, during periods of low unemployment, the Federal Reserve will no longer preemptively raise interest rates to guard against potential inflationary pressures, aiming to narrow the "gap" between actual employment and the maximum employment goal. Powell stated on Thursday at a research conference on monetary policy framework, "Officials believe it is necessary to reconsider the description of the employment 'gap'. At last week's meeting, we also had similar thoughts on the average inflation target regime."