Federal Reserve Chair Jerome Powell, in remarks delivered on Thursday for the annual symposium traditionally held in Jackson Hole, Wyoming, outlined the revision to the central bank’s policy framework. But he did more than consolidate and extend a shift in monetary policy approach that has been gaining momentum in the past few years. He also set a new formal milestone in global central banking that is certain to fuel much debate that will not be resolved for some time. Before the Covid-19 shock to the economy, the work on the new policy framework, led by Vice Chair Richard Clarida, benefited from a decidedly more ... (full story)