I'm continuing to think of my earlier comment on the contradictory mandates of the Federal Reserve. If the Fed had a mascot, it should be the pushmepullya, the imaginary animal of Dr. Doolittle.
"Never mind that an actual inflation target is nowhere in the Fed’s actual mandate."
I'll respectfully disagree with you on this point. Half the Fed's mandate is "stable prices". Personally, I think that means they should target an inflation rate of 0%, at least over the long term, since even 2% inflation has a drastic effect on prices (and the value of the currency) over a span of decades, such as a typical person's working career of 40-odd years.
Powell Was Blunt At Jackson Hole: He Will Crush Inflation And Any Part Of The Economy That Gets In His Way
I'm continuing to think of my earlier comment on the contradictory mandates of the Federal Reserve. If the Fed had a mascot, it should be the pushmepullya, the imaginary animal of Dr. Doolittle.
"Never mind that an actual inflation target is nowhere in the Fed’s actual mandate."
I'll respectfully disagree with you on this point. Half the Fed's mandate is "stable prices". Personally, I think that means they should target an inflation rate of 0%, at least over the long term, since even 2% inflation has a drastic effect on prices (and the value of the currency) over a span of decades, such as a typical person's working career of 40-odd years.