At the January 2012 meeting, the Federal Open Market Committee (FOMC) took steps to further increase the Fed's transparency regarding monetary policy decisions and strategy. For one, the FOMC named an explicit, numerical inflation target. With this action, the Fed joined many other central banks—including the Bank of England, the European Central Bank and the Reserve Bank of New Zealand—in adopting an inflation target. Also in January, the FOMC released its forecasts of the target federal funds rate. Several other central banks publish forecasts of their policy rate as well.