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12.3 FRQ

Jerome Powell became chair of the Federal Reserve in 2018.  Use the quote from Powell's speech to answer parts A, B, and C.
Risks to the forecast now seem more balanced than they have been for some time.  In particular, the global picture has brightened as growth and inflation have broadly moved up for the first time in several years.  Here at home, risks seem both moderate and balanced, including the downside risk of lower inflation and the upside risk of labor market overheating.  The Committee has been patient in raising rates, and that patience has paid dividends....If the economy performs about as expected, I would view it as appropriate to continue to gradually raise rates.
Jerome Powell, Chairman of the Federal Reserve, speech to the Economic Club of New York, June 2017

Question 1

Short answer
Identify an action taken by the Federal Reserve Board as described in the passage.

Question 2

Short answer
As it relates to the action described in part A, explain why members of the Federal Reserve Board are insulated from politics.

Question 3

Short answer
Describe an argument that would be made by a critic of using monetary policy to influence the economy.

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