Powell Speech: Fed Not Tying Itself to Any Particular Method to Define Average Inflation

Jerome Powell, Chairman of the Federal Reserve System, is delivering his remarks at the virtual Jackson Hole Economic Policy Symposium titled “Navigating the Decade Ahead: Implications for Monetary Policy.”

“Fed not tying itself to any particular method to define average inflation, policy will not be dictated by any formula.”

“Fed will not hesitate to act if inflation rises above levels consistent with our goal.”

“Committee judges that longer-term inflation expectations that are well-anchored at 2% enhance the Committee’s ability to promote maximum employment.”

“Committee intends to undertake a thorough review of monetary policy strategy roughly every five years.”