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2025-09-18 07:21:56
[Powell sets the tone for the Fed's third mission, saying it is a derivative of the other two missions] In response to questions about the central bank's statutory requirement to achieve "moderate long-term interest rates" at a press conference after the interest rate decision on Wednesday, Federal Reserve Chairman Powell explained why the three missions given to the Federal Reserve by Congress can be reduced to two major tasks in practice. For a long time, central bank officials have positioned their mission as a dual task, that is, the focus of monetary policy is to keep inflation low and stable, and to ensure that the job market continues to be strong, and basically not emphasize the third task. Powell told reporters that the third task is real, but in the eyes of central bankers, it is a derivative of the two more well-known goals required by law. "We believe that moderate long-term interest rates are the result of achieving low and stable inflation and maximizing employment," he said. For some time, Federal Reserve officials did not believe that the third task required "independent action"
