Fed's Bullard says willing to adopt single mandate
NEW YORK (Reuters) - St. Louis Fed President James Bullard said on Friday he would be willing to adopt a single mandate for the Federal Reserve to focus on price stability - and not full employment - because it "would clarify what a central bank can do in the long run."
"I would be willing to go to a single mandate," Bullard said on CNBC television, when asked about legislation that would propose to cut the employment side of the Fed's current dual mandate so that the central bank would focus only on inflation.
"It's ok to go to the single mandate because I think the consensus that we had, especially with the Greenspan Fed under the dual mandate, that what you were doing was providing stable prices to get the best employment outcomes that you could get," he said.
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