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Narayana Kocherlakota

The Fed Is Choosing Banks Over People

Falling short of its mandate means letting America down.

What about them?

What about them?

Photographer: Joe Raedle/Getty Images

The U.S. Federal Reserve has two congressionally mandated objectives: maximum employment and stable prices. Yet the central bank’s latest economic projections, released this week, suggest it won’t meet either of those goals in the next year and a half.

The Fed has the resources to do better. It should use them.