Chart of the Day
Posted at 1:30 p.m. on Dec. 17, 2012
– Michael Greenstone and Adam Looney look at how long it will take the US economy to reach the Federal Reserve’s benchmark of 6.5% unemployment at various rates of job growth.
Matthew Yglesias: “I like the Federal Reserve’s Federal Open Market Committee’s new posture of saying it won’t consider higher interest rates until unemployment goes below 6.5 percent unless inflation gets above 2.5 percent a lot better than the FOMC’s old posture of saying that conditions warranting low rates would persist into 2015… But it’s not a radically different underlying policy.”
