How keeping down borrowing costs for mortgages and other loans is built into the Fed’s ‘dual mandate’

Home borrowing costs, like other long-term rates, are not directly controlled by the Fed – but they still feel its influence. athima tongloom/Moment via Getty Images

What’s the point of monetary policy?

For most of us, the main impact tends to be how much we have to pay to borrow to buy a house or car. But for the Federal Reserve, the purpose of its monetary policy is mandated by Congress.