Nonetheless, the particularly troubling longer-run trend of declining labor force activity of black men remains subject to considerable debate. Monetary policy alone cannot address the underlying structural causes of differences in economic outcomes for various groups, but it can contribute to an environment in which progress toward equality is more likely to be made.
Adjusting monetary policy in a forward-looking manner to attain the maximum sustainable growth path for the aggregate economy and stable prices will help foster conditions under which the greatest number of Americans--including minorities--share in the nation's prosperity.