The writer is a fixed income portfolio manager at Wellington Management
Every five years, the US Federal Reserve plans to update its statement on how it will achieve its dual mandate of maximum employment consistent with stable prices.
The last time the Fed issued this statement was during the Covid-19 pandemic in 2020, when it adopted a framework that focused on an average of 2.0 per cent inflation over time. When the central bank issues its next statement later this year, I believe it should reconsider the dual mandate altogether and reorient monetary policy towards maximising productivity.
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