You are the Federal Reserve. The currency is backed by nothing but your judgment. For forty meetings — one a quarter, ten years — you set the policy rate, run the printer or the shredder, and try to keep inflation between 1 and 3% and unemployment between 3.5 and 5.5% — our stand-in for the dual mandate — while Congress, the President, the bond market and the occasional pandemic make that difficult. When your term ends, or when they end it for you, you get one last lever: what to back the dollar with.
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