[20220321]IN11868_美联储与通货膨胀.pdf

CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i The Federal Reserve and Inflation Updated March 21, 2022 On March 16, 2022, the Federal Reserve (Fed) raised the federal funds rate (FFR), its main monetary policy tool, by 0.25 percentage points. This was the first time that rates were raised above zero since the onset of the COVID-19 pandemic, when the Fed set rates near zero in response to the large decline in employment. As the economy has recovered, it maintained that target, even as unemployment fell to 3.8% and inflationas measured by the personal consumption expenditures (PCE) indexrose to 6.1%, the highest it has been since 1982. By statute, the Fed has been tasked with setting monetary policy to maintain maximum employment and stable prices. The two goals can involve a tradeoffFed actions that can boost employment can spur inflation, and actions that fight inflation may also reduce employment. The Fed has defined stable prices as an inflation rate of 2% since 2012. The Fed raised ratesand indicated that it intends to continue raising ratesprimarily because inflation was above its target. This Insight provides historical context on whether these