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The House Financial Services Committee is taking up a bill that would amend the Federal Reserve Act to eliminate the dual mandate and focus only on price stability

The proposed legislation to amend the Federal Reserve Act, focusing solely on price stability, reflects a significant shift in the Fed's mandate, potentially prioritizing inflation control over employment goals.

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  • The text of the bill: Section 2A of the Federal Reserve Act (12 U.S.C. 225a) is amended by striking “maximum employment, stable prices,” and inserting “stable prices”.
Context

This could lead to changes in market expectations regarding interest rates and monetary policy, particularly if investors interpret this as a more hawkish stance. Watch for impacts on fixed income as well as shifts in currency dynamics, especially given the implications for USD strength relative to other currencies.

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