Early in the pandemic, Federal Reserve Chairman Jerome Powell emphasized that the Fed intended to pursue the goals of maximizing employment and allowing inflation to rise above its 2 percent target to make up for past shortfalls below that target. The experience of the past few years should cause us to question this dual mandate. Beginning in March 2020, expansionary monetary policy combined with government stimulus spending put lots of money in Americans’ pockets. This contributed to a boom in household consumption spending, shortages and rising prices of durable goods — in other words, to the inflation we see today. On the employment side, spending expanded so rapidly that, while
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