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The Federal Reserve considered setting an official inflation goal last fall and the issue could resurface in 2011, according to a report in the Wall Street Journal on Monday. Proponents of the formal target said it would give the Fed credibility and help anchor inflation expectations. A video conference on the issue last October got bogged down as some Fed officials questioned whether it was needed, the report said. At the moment, the Fed has an informal target range for inflation of 2% or just a bit below.
In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.
Thus if the Federal Reserve wants to set a target inflation rate doesn't that equate with them wanting to control the cost of goods and services in an economy which means they also want to control the income of people too?
Is this a new power grab by the Federal Reserve or has this just always been?