In his plan to address racial inequity, Joe Biden is proposing that the Federal Reserve refocus its attention onto America's significant racial economic gaps — and make sure the Fed regularly talks about those disparities.
Monetary policy isn't known for targeting particular subgroups, however — the Fed's main tools are more sledgehammers than scalpels. It's possible that the policy could play a part in shrinking gaps considerably, but there is some dispute over how effective it would be.Biden is proposing that the Fed pay attention to racial gaps in making monetary policy, and also regularly talk about those gaps.
The idea has been to get unemployment down to a level that is as low as possible, without getting so low that inflation picks up.Its main tool in doing that is manipulating interest rates. Pushing interest rates downward is like pushing on the accelerator; it's supposed to speed up the economy, because lower interest rates help spur investment and borrowing.
However, that unemployment rate obscures some wide gaps. For example, Black and Hispanic unemployment have been consistently higher than white and Asian unemployment. In fact, the Black unemployment rate in recent years has been just under twice as high as the total unemployment rate.
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