Bloomberg Surveillance · Tuesday, July 7, 2026
Michael Dart notes that the Federal Reserve's engineered nominal stability over the past two to three years has been associated with a historically low unemployment rate. He observes that the unemployment rate is at a similar level to over a year ago, indicating a sustained period of labor market strength despite past policy missteps.
“So this period of nominal stability that the FED is engineered, obviously, you know, following a big goof in twenty one in twenty two where policy was way too easy.”
“But over the course of the last two or three years, this nominal stability has been associated with a labor market that's sustained a relatively full, quite historically low level of unemployment and underemployment.”
“So stability is the is the name of the game here.”