Barney Frank says no to narrowing Fed's mandate

According to this article from John Berry at Bloomberg, published Friday 5 January, the Federal Reserve received a reminder this week about how politically sensitive it would be to adopt an inflation target.

"Well, it wasn't going to happen even if Republicans hadn't lost control of the House and Senate in last fall's election," the author says on the prospects of a change in the Fed's mandate.

FOMC policymakers say that they are not able to set employment goals because they cannot influence job

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