Fresh research and on-the-record remarks are centering a risk that U.S. unemployment could become more structural, limiting what interest-rate policy can achieve. According to the Boston Fed, a working paper on “assessing maximum employment” underscores tools used to separate cyclical softness from deeper labor-market shifts (https://www.bostonfed.org/publications/research-department-working-paper/2025/assessing-maximum-employment).
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