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Fed Ties Rates to Joblessness, With Target of 6.5%
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Elelven of twelve Fed Governors support the U.S. Federal Reserve's decision to keep rates low till unemployment falls below 6.5%, as long as inflation remains subdued at 2-2.5% and inflation expectations are low. Only the Fed governor of Richmond expressed a dissenting vote. The Fed in its policy statement said it was addressing the problems of the last three years in housing and joblessness. Charles Evans of the Chicago Fed put it this way in a Sept 2011 speech- suppose the inflation rate was 5% when the target was 2%, then central banksers at the Fed would have acted as if their hair was on fire to tackle inflation, then why shouldn't the Fed do the same for unemployment. He succeeded in convincing Bernanke, Yellen and other Fed governors. Bernanke emphasized the enormous cost in human potential and productive capacity of the U.S. economy from high unemployment and people dropping out of the labor force.
U.S. Federal Reserve's 6.5% unemployment target with 2% inflation announced by Bernanke in Dec. 2012
01/27/2009
The U.S. Fed's chairman Bernanke says the Fed will keep rates low till unemployment reaches 6.5% citing "the tremendous waste in human potential" of high unemplyment rates. As long as inflation remains subdued at 2% the Fed will continue its current policy of low rates. In 2013 the Fed will continue bond buying at the rate of $85 billion a month. If unemployment drops to 6.5%, but this is because more people are dropping out of the labor market the Fed will take this into account, says Bernanke. The Fed will also keep an eye out for asset bubbles in the economy.
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