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Will the Fed 'give up' on 'arbitrary' 2% inflation goal?

STORY: Morris described the Federal Reserve's goal of 2% annual inflation as "an arbitrary target based in some academic, some practical research - but no fact or law."

He added that the health of the labor market is going to be "the leading measure of how we look at rate cuts," explaining that the Fed "made very clear" in its dual mandate that "there was over-employment, and that they were effectively looking to reduce the rate of that over-employment because they felt that was creating inflation. That hasn't left the mindset of the governors and the voting members yet. I don't think it will."