The Federal Reserve only truly had a mandate to reduce inflation beginning in the

Question

Quizplus · Accepted Answer

The Federal Reserve's mandate to reduce inflation began during the peacetime inflation of the late 1970s, when inflation peaked at around 13%. Prior to this, the Federal Reserve's primary focus was on maintaining stable economic growth and full employment. However, in response to the high inflation, Congress amended the Federal Reserve Act in 1977 to give the Fed a dual mandate to promote both price stability and maximum employment.

The Federal Reserve Only Truly Had a Mandate to Reduce