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The dual mandate refers to the dual goals of the Fed, which are achieving the targeted inflation rate and unemployment rate. A bullseye chart helps the Fed achieve its dual mandate. The targeted inflation rate unemployment targets are plotted on this chart.

Then, by seeing how close the actual rates are to the center of the chart and whether they have high bullseyes or not, the effectiveness of the Fed in achieving the dual mandate is determined.

If the variable lies to the southwest and northwest from the center, it will give conflicting signals. If they lie southwest to the center of the bullseye, it will mean that both inflation and unemployment rates are below target. If they lie to the northwest from the center of the bullseye, it will mean that both inflation and unemployment rates are higher than the target.

As inflation and unemployment rates face a trade-off, it is impossible to use simultaneous policy for both. If they are less, it increases both as there will be a trade-off between the two.