The Federal Reserve will review the quality of its policies and communications

The US Federal Reserve has announced that it will begin next year a review of how it would achieve its goals of promoting employment and controlling inflation, as well as the quality of its communications with the public.

"With labor market conditions close to maximum employment and inflation close to our target of 2%, now is the time to take stock of how we formulate, lead 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 announced. Federal banks across the country will also hold events to solicit public opinion.

After these meetings, which should take place in mid-2019, Fed policymakers will meet to discuss what they have found. After that, the Fed will report on its findings.

Fed policymakers are expected to raise benchmark interest rates by a quarter of a point in December, which would be the Fed 's fourth hike in interest rates in 2018.