If unemployment remains, on average, at this level, inflation tends to remain constant. This rate -- which is often called the non-accelerating inflation rate of unemployment (or NAIRU) -- is a fact of life outside the control of the FOMC.
This definition of full employment insures that the two objectives left for monetary policy -- full employment and price stability -- are compatible in the long run. Fifth, inflation pressures arise, in large part, in response to departures of the economy from full employment.