Recent commentary from Federal Open Market Committee member Stephen Miran during his confirmation hearing pointed out a seldom-discussed third Fed mandate concerning moderate long-term interest rates, in addition to the widely known goals of price stability and maximum employment. Fed Chairman Jerome Powell reaffirmed focus on the dual mandate but did not rule out the third mandate as implicit. Powell demonstrated control over the Federal Reserve’s policy direction during the September meeting, achieving broad consensus on a quarter-point rate cut despite political pressure and dissent from Miran. Analysts regard Powell’s leadership as key in sustaining the Fed’s independence amid White House tensions.