Jobs vs prices: the Fed's dueling mandates

The Indicator from Planet Money

NPR

Business

4.7 • 9.2K Ratings

🗓️ 13 January 2023

⏱️ 10 minutes

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Summary

The Federal Reserve has a dual mandate: keeping prices stable (and inflation low) and promoting "maximum employment." But sometimes, as the Fed attacks one goal, it can potentially hurt the other. It's a dueling dual mandate.

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Transcript

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0:00.0	NPR.
0:12.0	Previously on Game of Feds.
0:17.6	The council has decided.
0:20.6	Henceforth, the Federal Reserve Bank shall have two mandates.
0:26.0	A dual mandate.
0:28.6	Number one, step four.
0:31.9	Yes, your highness.
0:33.4	Your duty will be to fight for stable prices and low inflation.
0:38.8	Yes, your highness.
0:41.2	Mandate number two.
0:42.7	Your highness.
0:44.1	You will fight for maximum employment across the lands.
0:49.3	It shall be my honor.
0:52.1	Some will say having two mandates will cause conflict in the realm.
0:57.6	What do they know?
1:00.8	Mandate number one.
1:01.8	I know you're trying to bring down inflation, but think how your actions will affect employment.
1:08.3	That's your mandate number two.
1:10.4	I'll carry mine out, even if I have to crush you.
1:14.2	We'll see about that.
1:16.0	Hey, why did you pause the show?
1:19.9	Sorry, I'm super confused.
	...

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