Since 1977, the Federal Reserve has focused on creating maximum employment and stable prices, commonly known as the dual mandate.
It's impossible to have an economy with 0% unemployment, but it's also difficult to maintain low unemployment without initiating painful inflation.
"It's hard to tell Americans we can have too many people working," David Wessel, director of the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution, told CNBC. Since 1977, the Federal Reserve has focused on creating maximum employment and maintaining stable prices, commonly known as the dual mandate.Get New England news, weather forecasts and entertainment stories to your inbox."[Maximum employment is] this more sort of amorphous thing," Rucha Vankudre, a senior economist at labor market analytics firm Lightcast, told CNBC."There isn't a number and there isn't one particular measure, either.
However, at the Federal Open Market Committee news conference in January 2022, Federal Reserve Chairman Jerome Powell announced that"labor market conditions are consistent with maximum employment." The Fed cannot directly control the unemployment rate, but when the central bank adjusts interest rates in response to inflation, it can indirectly influence the unemployment rate.
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