Following the last review, the Fed outlined a policy that became known as flexible average inflation targeting. The move was a stated intent to allow inflation to run slightly over the central bank's 2% target for a period of time in the interest of providing full and inclusive employment across the economy, including for race and gender.

President Trump on Thursday criticized Federal Reserve Chair Jerome Powell for holding interest rates steady at the Fed's May 7 meeting, calling him a "fool" for acting "too late" in cutting the central bank's benchmark rate.