读懂美联储（2）-美联储的独立性及双重目标

Group 1: Federal Reserve's Dual Mandate - The Federal Reserve's dual mandate is to achieve maximum employment and maintain price stability[10] - The maximum employment goal does not specify a target value but relies on various labor market indicators[11] - The price stability target is set at a 2% inflation rate, measured by the Personal Consumption Expenditures (PCE) index[19] Group 2: Independence of the Federal Reserve - The Federal Reserve gained independence from the Treasury in 1951 through the Treasury-Fed Accord, allowing it to make monetary policy decisions free from political influence[9] - The Federal Reserve operates independently of fiscal appropriations, funding its operations through its own profits[25] - The Federal Reserve is accountable to Congress, not the President, with the Chair testifying semi-annually[28] Group 3: Economic Indicators and Market Reactions - In July 2024, the unemployment rate reached 4.3%, triggering the Sahm Rule and raising recession concerns, leading to a 1.84% drop in the S&P 500[16] - The Sahm Rule indicates a potential recession if the three-month moving average of the unemployment rate exceeds the lowest point in the past year by 0.5 percentage points[18] - Despite recession fears, the S&P 500 index increased over 6% from August 1 to November 15, 2024, indicating market resilience[18]