海角大神

Never start a story with the words 鈥淔ederal Reserve,鈥� an editor once told me. Sage advice. But please stick around because there鈥檚 something extraordinary afoot.聽

You鈥檒l recall that the U.S. Federal Reserve has two mandates: Stabilize prices (i.e., manage inflation) and maximize employment. But Trump-appointed Fed Chairman Jerome Powell is breaking with his predecessors by redefining what 鈥渇ull employment鈥� really means. He鈥檚 established new, inclusive benchmarks for success.

The 鈥� as Bloomberg鈥檚 Matthew Boesler calls it, tracks progress among the most vulnerable sections of the workforce. Specifically, the Fed is watching Black unemployment, wage growth for low-wage workers, and labor force participation for those without college degrees. These are often the last indicators to rebound after an economic downturn. For example, the broad U.S. unemployment rate has fallen to 6.2%, but Mr. Powell is focused on the , stalled at 9.9%, as of Friday. 鈥溾�� he told The Wall Street Journal last week.聽

Some economists argue that with a $1.9 trillion stimulus package (passed by the House today) about to surge through the U.S. economy, the Fed should focus on the inflation threat. But Mr. Powell isn鈥檛 budging. The Fed chair insists that for the first time 鈥渇ull鈥� U.S. employment includes women and people of color. That鈥檚 a new and noteworthy standard of economic equality.