Why Fed Has Failed to Lower U.S. Unemployment
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July 22 (Bloomberg) -- The Federal Reserve has a dualmandate to promote price stability and ensure full employment.It has yet to achieve either. It has set an annual inflationtarget of 2 percent, yet the consumer price index rose only 0.1percent in May after falling 0.4 percent in April, and it was uponly 1.4 percent in the 12 months ending in May.
The Fed’s preferred metric, the personal consumptionexpenditures price index excluding food and energy, rose just1.1 percent in June from a year earlier.