🚨 Fed Chairman Powell:
Officials agree that the strategic language on both the employment gap and average inflation needs to be reassessed.
-Revisions to Fed communications are also being considered.
The idea of a mild inflation overshoot after weakness has become meaningless given the levels inflation has reached.
-We may be entering a period in which supply shocks will occur more frequently.
-It is possible to reconsider the average inflation target.
-I will not comment on the short-term economic outlook and interest rate path.