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> The Fed has a dual mandate of controlling inflation AND minimizing the unemployment rate. Re: https://www.federalreserve.gov/monetarypolicy/monetary-policy-w
by Supermancho 3y ago
> The Fed has a dual mandate of controlling inflation AND minimizing the unemployment rate.
Re: https://www.federalreserve.gov/monetarypolicy/monetary-policy-what-are-its-goals-how-does-it-work.htm https://www.federalreserve.gov/monetarypolicy/monetary-polic...
I'm very sure The Fed does not have a mandate to minimize the unemployment rate, despite the stated policy. The shifting definition of "employment" being one of the primary tools, alongside the old standbys of "blaming something else" and "give it time". There's almost no historical accountability, so there's no reason to think this will change.
- keep_reading 3y agoIt's not the Fed's responsibility to control what the definition of "employment" is. If you want changes at the Fed vote for a new generation of Congress who will legislate a new mandate.
- Supermancho 3y agoThe Fed chair explains the context under which the numbers look best and the whitehouse gets that data out of the omb. Saying congress controls it is more of the same "blame someone else", when the reports are crafted carefully to make the fed look like they are a tool rather than the face of the real power brokers (investment firms). Famously, Clinton complained about this.