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You begin chairing your first meeting of the Federal Open Market Committee. Here are how things stand right now. As stated earlier, unemployment is slowly
You begin chairing your first meeting of the Federal Open Market Committee. Here are how things stand right now. As stated earlier, unemployment is slowly rising, up half a percent from your last meeting three months ago and is now at 6.5%. Inflation is at 1.3%, right around where it was last time. The current Federal Funds Rate is at 2.5%. It was at 3% but your predecessor and the Board of Governors just cut it during the last meeting. What ensues is an hours-long discussion about the correct policy to take. It becomes clear that there are two camps: those who want to keep the rate the same and those who want to lower it. They turn to you to see which you would advise doing
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