ContextSpeech by Jerome Powell at the Federal Reserve Bank of Kansas City's Jackson Hole symposium, presenting the review of the Fed's monetary policy framework.
Why it mattersPowell's Jackson Hole speech presents the Fed's revised policy framework and signals that shifting risks may justify adjusting rates.
Problems raised
Economic policy is changing sweepingly.
Inflation is still somewhat elevated.
The balance of risks is shifting.
Solutions proposed
Keep inflation expectations anchored.
Update the Fed's framework and communication.
Avoid tightening based only on uncertain estimates.
