Fortune, Sept. 21, 2025

The Fed doesn’t actually have a ‘dual’ mandate—there’s a third part it rarely mentions, and economists want it to stay that way

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.

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