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To: zonder who wrote (9210)	7/14/2004 10:07:06 AM
From: GraceZ	Read Replies (1) \| Respond to of 116555

As I showed in the previous post, the Fed does NOT change interest rates depending on the unemployment levels. It never has, and it never will. You may want to review Humphrey Hawkins legislation.

To: zonder who wrote (9210)	7/14/2004 2:12:25 PM
From: gpowell	Respond to of 116555

As I showed in the previous post, the Fed does NOT change interest rates depending on the unemployment levels.It never has, and it never will. You're on the wrong side of a rational argument. The Federal Reserve's most critical role is to keep the economy healthy through the proper application of monetary policy. The objective of monetary policy is to influence the country's economic performance to promote stable prices, maximum sustainable employment, and steady economic growth. Congress set forth this objective in the Federal Reserve Act of 1913, the Employment Act of 1946, and the Full Employment and Balanced Growth (Humphrey-Hawkins) Act of 1978. frbsf.org Since 1978, the goal of monetary policy has been stable prices (meaning mild inflation) and maximum growth (full employment) - this has come to be known as the "Dual Mandate." Do a google search on "Dual Mandate."