The CB troika
Maximum stable moderate
Each has one noun attached to it in the " law " governing the FED
Fed boards see to it
These modifiers are all in the wrong places
But we can re scramble the three around and get closer
Maximum employment ?
means employment rates consistent with moderate wage rate change
Stable prices ?
means moderate and stable product price inflation
Moderate long term interest rates ?
That's a stumper
Long rate goals are not moderate steady or maximum