Powell indicates policy shift at Jackson Hole
The Fed chair says the balance of risks appears to be shifting; FOMC no longer plans to overshoot inflation target
The balance of risks to the US economy seems to be shifting, Federal Reserve chair Jerome Powell said in his widely anticipated speech at Jackson Hole on August 22. However, he warned there are both inflationary and recessionary risks at present. The shifting balance of risks may warrant adjusting the Fed’s policy stance, he said.
An “unusual situation” means that downside risks to employment are rising. “Overall, while the labour market appears to be in balance,” said Powell, “it is a curious
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