Why NONE Is The Right Fed Target For Inflation And Unemployment (Part 1)

When it comes to the Fed’s dubious 2.00% target for inflation and 5%, 4% or whatever % target for unemployment, no, Congress didn’t make them do it! The Fed’s so-called “dual mandate” is expressed in statutory language that is about as generic, pie-in-the-sky aspirational as it comes. Hence the actual words from the Federal Reserve […]