In this work, a new model predictive controller is developed that handles unreachable setpoints better than traditional model predictive control methods. The new controller induces an interesting fast/slow asymmetry in the tracking response of the system. Nominal asymptotic stability of the optimal steady state is established for terminal constraint model predictive control (MPC). The region of attraction is the steerable set. Existing analysis methods for closed-loop properties of MPC are not applicable to this new formulation, and a new analysis method is developed. It is shown how to extend this analysis to terminal penalty MPC. Two examples are presented that demonstrate the advantages of the proposed setpoint-tracking MPC over the current target-tracking MPC.