In the September 2020 Federal Open Market Committee (FOMC) meeting, the Committee left the federal funds rate target range unchanged at 0 to 0.25 percent. The Committee also said that it “expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee’s assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time.” I dissented from this statement because, while I expect it will be appropriate to keep the federal funds rate in the current range until the economy is on ... (full story)