This year the FOMC has been firmly focused on trade-related uncertainty, slowing global growth and the impact of those developments to the economy here at home. But FOMC members have also been emphasizing sustaining the expansion, particularly since the ensuing strength of the jobs market is finally benefiting those most hurt by the Great Recession.1 While the distributional outcomes of the labor market may seem like minutiae to a committee with relatively blunt policy instruments, they are nonetheless linked to the Fed’s goals. Policy that supports more marginalized workers without stoking inflation is consistent ... (full story)