They publicly state their desired course of action each year. They've historically held an economic policy of maintaining perpetual ~2% inflation over long periods of time. Inflation is higher than that now, so they're trying to bring it back down. For more details see:

https://www.federalreserve.gov/monetarypolicy/monetary-polic...

https://www.federalreserve.gov/newsevents/pressreleases/mone...