The Fed doesn't have a 'dual' mandate—Jerome Powell and Stephen Miran are talking about the third

If you asked the majority of Americans what the mandate of the Federal Open Market Committee (FOMC) was, few would know and even less would care. Ask economists, Wall Street analysts, and even the Fed itself, they would likely recite the “dual mandate”: Price stability and maximum employment.

Indeed, in virtually every one of his speeches this year Fed chairman Jerome Powell has mentioned the dual mandate. Members of the FOMC have written entire speeches on the matter.

Only problem is, the Fed doesn’t have a dual mandate. It has a triple mandate.

This was pointed out by Trump’s appointee to the FOMC, Stephen Miran, during his confirmation with the Senate Banking Committee this week. Miran recalled the Federal Reserve Act of the 1970s, that “Congress wisely tasked the Fed with pursuing