(Bloomberg) -- The Federal Reserve announced more details about its upcoming framework review Friday, including a specific focus on the central bank’s communication tools.

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The review will cover the Federal Open Market Committee’s Statement on Longer-Run Goals and Monetary Policy Strategy, as well as central bank communication. The Fed’s 2% inflation goal will not be a focus of review, the Fed said in a statement.

“We are open to new ideas and critical feedback and will take on board lessons from the last five years and adapt our approach where appropriate to best serve the American people, to whom we are accountable,” Fed Chair Jerome Powell said in the statement.

Discussions among policymakers will begin with the Jan. 28-29, 2025 Fed meeting. The central bank will also continue to host “Fed Listens” events, community outreach meant to incorporate a diversity of voices into officials’ thinking.

The Board of Governors will host a research conference focused on the framework review May 15-16 that will include speakers and panelists from outside the central bank.

The last review, which began in 2019 and concluded in 2020, shifted policymakers toward an approach of pursuing a period of overshooting the Fed’s 2% target when price growth has been persistently running below their goal. Powell suggested last week the central bank will shift to a traditional inflation target.

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