Semi-Annual Federal Chair Report quiz

What is the Federal Reserve's dual mandate?

• To maximize employment and minimize inflation;
• To maximize employment and stabilize prices;
• To minimize unemployment and maximize inflation;
• To minimize unemployment and stabilize prices

What has been the trend in inflation since the middle of last year?

• Inflation has been increasing;
• Inflation has been decreasing;
• Inflation has been stable;
• There has been no trend in inflation

What is the current level of core PCE inflation?

• 2 percent
• 4.7 percent
• 5.4 percent
• 7 percent

What is the Federal Reserve's longer-run objective for PCE inflation?

• 4 percent
• 5 percent
• 6 percent
• 2 percent

What has been the trend in the labor market?

• Unemployment has been increasing
• Unemployment has been decreasing
• Unemployment has been stable
• There has been no trend in unemployment

What is the current unemployment rate?

• 3.4 percent
• 4 percent
• 5 percent
• 6 percent

What is the Federal Reserve's current policy stance on interest rates?

• It is loosening monetary policy
• It is maintaining the status quo
• It is tightening monetary policy
• It is not concerned with interest rates

How many percentage points has the Federal Reserve raised interest rates over the past year?

• 1-1/2 percentage points
• 2 percentage points
• 3-1/2 percentage points
• 4-1/2 percentage points

What is the Federal Reserve's primary focus with its tools?

• To bring inflation down to 4 percent
• To bring inflation down to 3 percent
• To bring inflation down to 2 percent
• To bring inflation down to 1 percent

What is the Federal Reserve's historical record cautioning against?

• Loosening policy prematurely
• Tightening policy prematurely
• Maintaining a restrictive stance of monetary policy
• All of the above