Powell Says Fed Will Never Declare Victory on Employment Goal

The transcript discusses the Federal Reserve's role in achieving full employment, the potential of a federal jobs guarantee, and the impact of interest rates on employment. It highlights the US economy's output and unemployment trends, particularly among communities of color. The discussion also covers the timing of rate cuts and the lessons learned about unemployment levels.

What is the Federal Reserve's goal regarding employment?

• To ensure everyone has a job regardless of their ability to work

• To achieve full employment where anyone who wants to work and can work will have a job

• To provide jobs only to those with higher education

• To focus solely on reducing inflation

What economic issue has persisted for most of the past decade according to the transcript?

• Interest rates consistently low

• Output consistently above potential

• Inflation consistently above target

• Unemployment well above target

How did the Federal Reserve's interest rate hikes starting in 2016 affect unemployment?

• Unemployment rates decreased significantly

• Unemployment rates remained unchanged

• Unemployment rates were unaffected by interest rates

• Unemployment rates increased

What was a key consideration for the Federal Reserve when deciding to raise interest rates?

• To increase inflation

• To reflect an economy that had recovered significantly

• To support only high-income individuals

• To decrease the value of the dollar

What lesson did the Federal Reserve learn about unemployment levels?

• Unemployment levels are irrelevant to economic policy

• Unemployment can be lower than most people thought

• Unemployment levels are solely determined by inflation

• Unemployment cannot be lower than expected