Congress pushes for inflation targeting at the Fed

USA - A key member of Congress is attempting to pressure the Federal Reserve into adopting an inflation targeting regime. Although there is some support for this at the Fed, Chairman Alan Greenspan is vehemently opposed to the idea.

Such a move would be a major shift in policy that some say is needed before Greenspan retires. Currently, the Fed has a dual mandate, set up by Congress, of maximum sustainable economic growth and price stability. But critics say this mandate is open to interpretation

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