20  More precisely, the three statutory objectives for monetary policy set forth in the Federal Reserve Reform Act of 1977 are maximum employment, stable prices, and moderate long-term interest rates.
The dual mandate refers to the first two goals, and the long-term interest rate goal is viewed as likely to emerge from the macroeconomic environment associated with achievement of the employment and price stability goals (Mishkin, 2007). Thus, the interest rate goal of the Federal Reserve Reform Act can be regarded as subsumed within the dual mandate. 21  See U.S. Congress (1935).