How the Fed Messes It All Up

“The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy’s long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.”

—12 U.S. Code § 225a (emphases added)

Maximum employment, stable labor prices, and minimum risk premiums on long-term interest rates each actually ...