I see that Scott Sumner has recognized something I’ve been saying for years, including on this blog:
The Fed now has a triple mandate:
1. Low inflation.
2. High employment.
3. Minimizing the number of sarcastic comments from Wall Street that might make their lives more embarrassing at cocktail parties with rich people.
However, they’re in the wrong order. #3 is obviously the most important. And it’s not limited to the Federal Reserve.