The Federal Reserve said it would start a review next year of how it meets its goals of promoting employment and controlling inflation and how well it communicates to the public.
"With labor market conditions close to maximum employment and inflation near our 2 percent objective, now is a good time to take stock of how we formulate, conduct, and communicate monetary policy," Federal Reserve Chairman Jerome H. Powell said in a press release.
Part of the effort will include a conference next June at the Chicago Fed, the central bank said. Fed banks around the country will also conduct events to solicit the views of the public.
After those meetings, which should occur during the middle of 2019, policymakers at the Fed will meet to discuss what they found. After that, the Fed will report its conclusions.
Fed policymakers are expected to raise benchmark interest rates by a quarter of a point in December, in what would be the Fed's fourth interest rate increase in 2018.