There has been some chatter about this

Informally, the Fed already has made clear it wants the annual inflation rate to run at 2% or a bit lower over the long-run. A formal statement would codify the commitment. Such a declaration would likely run alongside a description of the Fed’s goals for employment, which Congress requires it to mind along with inflation. Most Fed officials believe the unemployment rate could fall to 5% or 6% without triggering higher inflation.

To articulate its interest-rate strategy, the Fed would expand its quarterly release of the officials’ projections for economic growth, inflation and unemployment. It would add details on the Fed’s interest rate expectations underlying its economic projections, along with some description of the policy it expects to employ to reach its goals.

Since the Fed has been more explicit about its inflation comfort zone it is comforting to here it will be more explicit about its unemployment comfort zone.

However, the primary good of this – I see – is to help solidify political support around the Fed lowering unemployment. Its not the kind of communication vehicle that we would expect to serve as a credible commitment to be irresponsible.

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