Sep. 16 at 8:25 PM
The Federal Reserve's "dual mandate" of price stability & maximum employment may be supplemented by a "third mandate" to pursue "moderate long-term interest rates", as cited by President Trump's pick for Fed governor, Stephen Miran.
The mention of the "third mandate" has sparked debate w/ some seeing it as a sign that the Trump admin intends to wield monetary policy to influence longer-term bond yields.
The potential for the Treasury & Fed to intervene in the bond market to bring down long-dated interest rates has raised concerns about the risk of adverse effects, particularly inflation, & the erosion of the Fed's independence.
--- Historically, many fiscal conservatives & free‑market advocates have argued the Fed should let markets set rates without interference & warned against mission creep. Their current silence shows how quickly principles can bend when the desired policy outcome is on the table.
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