Sixth, the Government has not ventured into sovereign marketable debt issues in foreign currency. Seventh, contractual savings supplement marketable debt in financing the deficits. Finally, direct monetary financing of primary issues of debt has been discontinued since April 2006.
They are often collectively referred to by saying that the Federal Reserve views inflation as being “mandateconsistent” if it is running at “2 percent or a bit under.” Congress has also mandated that the FOMC set monetary policy so as to promote maximum employment. Some see an intrinsic conflict between the FOMC’s price stability mandate and maximum employment mandate.