David Wessel describes the arguments for keeping, changing or replacing the Federal Reserve’s 2 percent target, and the pros and cons of each of the alternatives that have been proposed—including raising the inflation target or replacing it with a price-level target or nominal GDP target. Read Wessel’s report here.
![Federal Open Market Committee (FOMC) participants gather at the Marriner S. Eccles Building in Washington, D.C., for a two-day meeting held on March 18-19, 2014.](https://www.brookings.edu/wp-content/uploads/2018/06/ES_20180607_FOMCMeeting.jpg?quality=75&w=1000)