Plosser: Fed should be stripped of dual mandate

Philadelphia Fed president calls for tighter limits on Fed power


The Federal Reserve should focus solely on price stability, according to Federal Reserve Bank of Philadelphia president Charles Plosser, as it is "the one goal that the central bank can achieve over the longer run".

Plosser called for 'maximum employment' to be dropped from the Fed's mandate in his opening comments in the Philadelphia Fed's latest annual report, published today, on the grounds that monetary policy has a "very limited ability" to influence real variables in the economy.

The Fed

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