I would not be doing justice to Hayek if I neglected to mention that, at an earlier stage in his thinking, he put forward proposals for controlling inflation which have now become the conventional wisdom.
It wasn't until 1977 that the Congress amended the Federal Reserve Act to include very specific monetary policy objectives. Notably, the Congress established a so-called dual mandate for the Federal Reserve by directing it to foster conditions that would promote the goals of price stability and "maximum" employment.