Fed presidents back unemployment offensive

minneapolis-fed

The Fed should hold out for unemployment to fall to 5.5% before tightening monetary policy, according to comments made today (January 15) by Narayana Kocherlakota, the Federal Reserve Bank of Minneapolis president.

Kocherlakota says the Federal Open Markets Committee (FOMC) should adapt its forward guidance on the level unemployment must reach before it considers increasing the federal funds rate.

In its December meeting, the FOMC announced it would be appropriate for the Fed to pursue a federal

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