Below is the video from the Fed press conference the other day; it is very disappointing as far as the Fed's outlook on employment. They have basically given up on achieving what MMT would consider full employment with price stability.
Here is a link to the transcript and some excerpts related to their view on their lawful mandate of "maximum employment with stable prices".
With respect to the objective of price stability, it is essential to recognize that the inflation rate over the longer-run is primarily determined by monetary policy, [Ed: Then this should directly open the door to the MMT JG since the JG is NOT part of Monetary Policy and therefore is NOT inflationary; Thanks Ben!]
and hence, the Committee has the ability to specify a longer-run goal for inflation. The Committee judges that inflation at the rate of 2 percent as measured by the annual change in the price index for personal consumption expenditures, is most consistent over the longer-run with our statutory mandate. Over time, a higher inflation rate would reduce the public's ability to make accurate, longer term economic and financial decisions, whereas the lower inflation rate would be associated with an elevated probability of falling into deflation which can lead to significant economic problems. Clearly communicating to the public, this 2 percent goal for inflation over the longer-run should help foster price stability and moderate long-term interest rates. It will enhance the Committee's ability to promote maximum employment in the face of significant economic disturbances. [Ed: What "economic disturbances" have there been in now over 3 years? What is he even talking about?]
Maximum employment stands on an equal footing with price stability as an objective of monetary policy. The difference with the price stability is that the maximum level of employment in a given economy is largely determined by nonmonetary factors that affect the structure and dynamics of the labor market, including demographic trends, the pace of technological innovation, and a variety of other influences including a range of economic policies. Because monetary policy does not determine the maximum level of employment that the economy can sustain in the longer term, and since many of the determinants of maximum employment may change over time or may not be directly measurable, it is not feasible for any central bank to specify a fixed goal for the longer-run level of employment. [Ed: They have thrown in the towel on unemployment and they all should be fired.]
Although the Committee cannot freely choose a longer run goal for employment, it can estimate the level of maximum employment and use that estimate to inform those policy decisions. The Committee considers a wide range of indicators of making these assessments of maximum employment, recognizing that such assessments are necessarily uncertain and subject to revision over time. For example, in the latest set of projections that have been distributed to you, Committee participants' estimates of the longer-run, normal rate of unemployment have a central tendency of 5.2 percent to 6.0 percent, roughly unchanged from last January, but higher than the corresponding interval several years ago. [Ed: With no rationale provided for the revisions to their "latest projections", it becomes obvious that they are pulling these so-called "normal" rates of unemployment straight out of their ass.]
As I noted, the level of maximum employment is not immutable. In particular, it could be increased by effective policy such as education and training that improve workforce skills. If the Committee's assessments pointed to an increase in the maximum attainable level of employment, our policy strategy would be modified appropriately to aim at the higher level. [Ed: Now they indicate that they are accepting of current levels of millions of unemployed citizens as somehow "normal" due to a lack of education? They are all deranged, insane and dangerous people.]That's enough.
Everyone there is a moron and should be removed from their positions immediately.
They are absolute failures at fulfilling their lawful mandate or articulating the reasons why they cannot succeed. They have given up without admitting it. All of them should be fired and be prevented from holding any sort of public economic policy positions in the future.
The Fed is a disgrace.