{podcast} Fed chair Jay Powell’s keenly awaited address to the Kansas City Fed’s Jackson Hole symposium didn’t disappoint, in fact it has driven home the Fed’s intent to run the economy hot in an even more forceful fashion than had been generally anticipated. This is because as well as confirming the formal shift to a symmetric or average inflation targeting regime over time (while retaining the 2% target) it has also changed the description of the employment component of its dual mandate. Powell says the Fed’s policy decision will be informed by its “assessments of the shortfalls of employment from its maximum ... (full story)