What The Fed Really Said

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Planet Money translates the Federal Reserve Board's latest policy statement from Fed-speak to English. For example, when the Fed says this:

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. Currently, the unemployment rate is elevated, and measures of underlying inflation are somewhat low, relative to levels that the Committee judges to be consistent, over the longer run, with its dual mandate. Although the Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability, progress toward its objectives has been disappointingly slow.

What they really mean is this:

The Fed has two main jobs: Keep unemployment low and prices stable. Right now, 15 million Americans are out of work and looking for jobs. Inflation is so low that it's making us nervous. And it’s taking forever for businesses to start hiring again.