Jerome Powell has been interviewed at the Wall Street Journal Jobs Summit on a range of issues relating to the economy, but the main take-away is that the Fed remains in no hurry to shift its position that inflation is likely to be “transitory” and if that is the case they can be “patient”. They won’t change policy until there is “substantial further progress” and this could take “some time”. This confirms that the March 17 FOMC meeting will be a non-event with the Fed firmly in holding pattern despite the positive news on vaccines, the prospect of significant further fiscal stimulus and a very strong start to the ... (full story)