There were a lot of high points in today’s Senate confirmation hearings, but my favorite may be one particular malapropism about half of the Federal Reserve’s dual mandate. Here’s the excerpt:
SENATOR HEIDI HEITKAMP (Democrat, N.D.):…I want to get back to the Fed goal of full unemployment, and I want to ask just some quick questions. Give me a number on what you consider full unemployment â€" or employment.
The senator corrected herself, of course. But you do have to wonder if the Fed might have an easier job setting policy were its mandate really full unemployment.
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