WASHINGTON (AP) — The Federal Reserve says it will conduct a wide-ranging review next year of the strategies and tools it uses to achieve its congressionally mandated goals of maximum employment and price stability.

The Fed says the review will also examine ways the Fed communicates with the public.

In a statement, Fed Chairman Jerome Powell says with the economy doing so well at the moment, "now is a good time to take stock of how we formulate, conduct and communicate monetary policy."

As part of the review, the Fed says it will sponsor a research conference on June 4-5 at the Federal Reserve Bank of Chicago. Other regional banks will host their own events.

The Fed says it will use the findings of the year of review to develop future policy.