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Powell announces new Fed approach to inflation that could keep rates lower for longer
The Federal Reserve announced a major policy shift Thursday, saying that it is willing to allow inflation to run hotter than normal in order to support the labor market and broader economy. In a move that Chairman Jerome Powell called a “robust updating” of Fed policy, the central bank formally agreed to a policy of “average inflation targeting.” That means it will allow inflation to run “moderately” above the Fed’s 2% goal “for some time” following periods when it has run below that objective. The changes were codified in a policy blueprint called the Statement on Longer-Run Goals and Monetary ... (full story)
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