The Fed does have an informal unemployment target, the "natural unemployment rate" of around 4%. Like the 2% target, it's also kind of a scientific-wild-ass-gue

The Fed does have an informal unemployment target, the "natural unemployment rate" of around 4%. Like the 2% target, it's also kind of a scientific-wild-ass-guess. In both cases, there's a reasonable argument that you don't want it at zero, which tends to be too rigid for maximum economic benefit. We're currently at 3.9%, right about that level. I don't think you're going to radically improve the quality of the economy by tweaking the target numbers. The federal funds rate is a very crude tool. There are many, many problems with employment in the US, and I don't think you can fix them with that tool. The tools we need belong to Congress. And yeah, Congress is a s*tshow. But unfortunately we can't rely on the Fed to fix them.