The Fed's effective unemployment rate target

I thought this would be an interesting way to present the model results from the previous post: if we use the effective Fed funds rate instead of the 3-month rate, what we'd get is an estimate of the effective Fed target unemployment rate. Here is the graph (actual unemployment rate in green, model result in red):

This puts a different spin on the mid-2000s peak. The Fed appears to be unsuccessfully trying to raise the unemployment rate from this perspective.