Stephen Miran caught news headlines earlier this week as he got his approval as Fed governor in time for the latest Fed meeting happening as we write.
Aside from his likely push for lower rates in the coming months, what caught our eye beyond the obvious was his citing of a third mandate for the Fed, namely, pursuing “moderate long-term interest rates”.
This goes beyond the dual mandate that we often think of, with price stability and maximum employment being at the forefront of mind for most traders and Fed officials alike.
So what’s really going on with this third metric?