Narayana Kocherlakota, Columnist

The Fed Is Choosing Banks Over People

Falling short of its mandate means letting America down.

June 11, 2020 at 11:00 AM UTC

Narayana Kocherlakota is a Bloomberg Opinion columnist. He is a professor of economics at the University of Rochester and was president of the Federal Reserve Bank of Minneapolis from 2009 to 2015.

What about them?
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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.