The CB troika
Maximum stable moderate
Each has one noun attached to it in the " law " governing the FED
However ...
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
They're instrumental
