CAMDEN, N.J./PHILADELPHIA - Two top Federal Reserve officials went to Camden, New Jersey, on Friday, taking a different reading of the pulse of the U.S. economy by visiting what is by one measure the country’s lowest-income city, as the central bank seeks advice on how to do a better job.
The dichotomy of Philadelphia’s gleaming office buildings and destitute people on the streets of nearby Camden underlines the limits of Fed policy, even as most policymakers see the central bank’s dual mandate of price stability and maximum employment as having been met.Yet at events in Camden and Philadelphia, the policymakers heard that while some progress is being made linking employers and workers, many Americans continue to struggle.
The Fed took extraordinary steps, including buying bonds, to support the economy in response to the 2007-2009 financial crisis, but it has been criticized both for doing too much and too little. Tame inflation below the Fed’s annual target rate of 2% further complicates matters, making it, in theory, less likely that households and businesses will support the economy by spending during recessions because of diminished worries that their cash will lose value.
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