The Wall Street Journal reported that the Federal Reserve is getting closer to revamping its communication strategy by stating more explicitly what would get officials to start raising short-term interest rates.

The WSJ said that under a new approach being considered by senior officials, the Fed would state how high inflation would have to rise or how low unemployment would have to fall before it would begin moving rates, which have been near zero since late 2008.

To read the full WSJ article click here.