12/24/2023 0 Comments Www.npr.org hourly news![]() In a way, the two parts of its dual mandate are starting to duel with each other. And as it tries to do one part of its job it is hurting the other. However, the Fed is currently being challenged in a way it hasn't been in over 40 years. Together, these two pillars form the foundation for everything else," Mary Daly, head of the San Francisco Federal Reserve Bank, said in a recent speech at Boise State University. "Economic security depends on both jobs and stable prices. The Fed is mandated to deploy its formidable powers to watch and protect both areas as they are considered the most important elements to a strong economy. This is known as the Fed's "dual mandate." The two parts of the Fed's dual mandate are starting to duel with each otherĪt its core, the Federal Reserve has two main jobs: keeping inflation low and making sure maximum number of people are employed in America. ![]() Because big shifts are happening in our economy and the fate of our country may rest on the actions the Fed is taking currently and in the coming months. And, personally, I like my tectonic plates boring, predictable and giving regularly scheduled, shockingly dull press conferences.īut the truth is, at this moment, we should all be interested in the Federal Reserve. The Federal Reserve is an immensely powerful organization that is part of our economy's foundation-it's tectonic plates. I immediately felt an acute sense of dread: When the Fed becomes a topic of general conversation, it means big shifts are happening. She described herself as knowing "zero" about the economy and then proceeded to ask me whether I thought the Federal Reserve would continue raising interest rates to help fight inflation. When economic sailing is smooth, there's not much news coming out of the central bank that is of even remote interest to people other than economists or journalists.īut a few weeks ago, I sat next to a woman on an airplane. Typically, the "Fed" is a pretty wonky and sleepy corner of America, known for shockingly dull press conferences. You know things are getting dicey in the economy when the phrase "Federal Reserve" enters daily conversation.
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