“Federal Reserve officials will consider rewriting the guidance they give the public about the likely path of short-term interest rates when they meet later this month, according to William Dudley, president of the Federal Reserve Bank of New York.”

“The Fed has been saying since December 2012 that it won’t even consider raising its target short-term interest rate, known as the federal funds rate, until the jobless rate gets to 6.5%. With the jobless rate now near that threshold, officials need to decide what they will say next about rates, Mr. Dudley said in an interview with The Wall Street Journal on Thursday.”

“‘This is probably a reasonable time to revamp the [Fed’s policy] statement,’ Mr. Dudley said.”

“His comments were notable because he is the first senior official to suggest important changes to the Fed’s policy statement could be unveiled at the next meeting, March 18-19. They are also important because Mr. Dudley is part of Fed Chairwoman Janet Yellen‘s inner circle of decision makers.”

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Read full Wall Street Journal article here.